Market Closes - July 29, 2019

Posted on Jul 29, 2019

USDA Opens Signup for Market Facilitation Program

       Enrollment Now Open through Dec. 6
Click Here for USDA news release from today.
 

Corn Sep +2 417; Dec +2 427 (422-30)

Bean Aug +2 886; Nov +3 904 (899-909)

  Meal +1 304

  Oil -4 2843

Wheat Sep +7 503; Jly +3 525 (519-28)

  KC +4 436; MGE +8 532

Oats +1 259

Rice +11 1231

 

LC Aug unch 10865; Dec -45 11385; Feb -35 11767

FC Aug -142 14230; Oct -100 14257; Jan -87 14072

LH Aug -200 8442; Oct -300 limit 7645; Dec -265 7545

Milk Aug -5 1761; Sep -6 1793

CBOT futures closed mostly higher but several cents below the day’s highs. Prices are generally moving sideways without significant market-moving news. The weather is non-threatening and expectations for a China deal are subdued. Corn is holding above critical chart support (4.20 in December). Soybeans and soymeal are charting wedge patterns that will force a breakout soon.

For the U.S., corn condition ratings actually improved very slightly.

Week ending July 28
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor

This Week      58%         12%

Last Week      57%         13%

Last year      72%          9%

** 13% in dough vs 23% average

 

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      54%         13%

Last Week      54%         12%

Last year      70%          8%

  ** 21% setting pods vs 45% average

Winter Wheat Harvested
75% complete vs 86% average

U.S. Pasture and Range
64% good/excellent vs 41% year ago.
10% poor/v.poor vs 29% year ago.

 

KENTUCKY CROP CONDITIONS:
Kentucky’s Corn crop is deteriorating with the percent rated good/excellent falling from 73% last week to 69% this week. Likewise, KY’s soybean crop dropped from 72% G/E to 70% G/E. A drying topsoil is likely to keep the trend intact.
 

Cattle futures closed lower today and near the day’s lows. Cattle traded higher early with some new highs hit for this move; but the rally failed. The resulting chart patterns are negative, but we need to see confirmation tomorrow. Futures are still near this month’s highs, so some profit-taking is not unexpected given a lack of cash cattle strength. Today’s boxed beef market is supportive -- Choice beef gained 1.09 to 213.26 and Select rose 1.42 to 189.76.

Lean Hog futures closed sharply lower with October LH down the daily $3.00 limit (expanded limit tomorrow). LH futures were pressured by Friday huge drop in cash hog prices and continued weakness in the pork cutout. FOB Plant Pork slipped .34 to 84.04 on a 4+% loss in ham value. A lack of progress with China also hangs over the LH market.

 

US$ +.1%

Dow +29 27221

SP -5 3021

NAS -37 8293

Tran -1 10776

  vIX +.67 12.83

 

WTI +84 5704

Brent +40 6386

Gas unch 187

NG -3 214

HO +1 192

Eth unch 147

Gold +7 1427

Slvr +9 1648

 

2-yr -.008 1.862%

5-yr -.013 1.849%

10yr -.014 2.067%

30yr -.007 2.594%

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