Dear KFB Member,

This is my last “Market Closes” report for KFB. I am retiring August 1. It’s been a great pleasure to produce this market report for you. I hope you have found it useful.

Wishing you all the best in the years ahead.

Ed

Corn Sep +1 616 (611-32); Dec +1 620 (616-36)

Bean Aug +28 1637 (1609-71); Nov +28 1468 (1435-89)

  Meal Aug +6 495 (494-513); Dec unch 418 (416-32)

  Oil  Aug +276 6860; Dec +241 6566

Wheat Sep -9 808 (801-46); Dec -9 826; Jly -4 847

  KC Sep -15 874; MGE -22 906

Oats unch 448

Rice -13 1688

 

LC Aug +27 13645; Oct +40 14222; Dec +37 14815

FC Aug +115 17857; Oct +100 18372; Jan +100 18552

LH Aug +152 12065; Oct +90 9722; Dec +92 8785

Milk Aug +20 2037; Sep +51 2034

CBOT futures closed widely mixed and far below the day’s highs; wheat and corn ended near the lows. The good news is that corn and soybeans closed higher every day this week.  November Soybean is now $1.80 above the July 22 low - just one week ago. December Corn is 58 cents above the July 22 low. Hot, dry forecasts for the first half of August fueled the sharp rallies that occurred mostly overnight; futures generally drifted lower during the day session. Soybean futures maintained more of its gains because soybean oil closed sharply higher. Soybean oil has been on fire the past two days as crude oil rallied and traders expect an extension of biodiesel tax credits.

Cattle futures closed higher after trading lower early in the day. Feeder futures lifted the complex as it rebounded strongly as corn futures faded. Live Cattle closed slightly higher after four days of losses. Generally, the cash fed market was a dollar/cwt weaker this week. Choice beef rose 1.47 to 269.24 and Select gained 1.44 to 242.25. Beef movement was very low at 74 loads. Negotiated cash trade was not established.

Lean hog futures closed higher on continued strong cash hog fundamentals. FOB Plant Pork dropped 1.45 to 127.34. Movement was a light 226 loads.

 

US$ -.4% 105.82

Dow +315 32845

SP +58 4130

NAS +228 12391

Tran +334 14609

  VIX -1.00 21.33

 

WTI +220 9862

Brent +287 11001

Gas +2 349

NG -31 868

HO -6 362

Gold +13 1763

Slvr +33 2020

 

2-yr +.014 2.891

5-yr -.022 2.681%

10yr -.023 2.658%

30yr -.027 3.012%

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