Market Closes - July 31, 2017

Posted on Jul 31, 2017

CBOT futures closed lower with corn and soybean futures finishing near the days’ highs.  On Sunday evening, corn and soybeans opened lower and established the session’s lows in the first half-hour before recovering some. As markets reopened at 830 am, futures were lifted further and ended up closing strongly.  Today’s price pressure was credited to cooler weather and some forecasted rains. The spec funds remain long corn and soybean futures. USDA will begin surveying producers and fields to make closely watched crop production forecasts on Thursday, August 10.

 

Week ending July 30
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      61%         13%
Last Week      62%         12%
Last year      76%          6%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      59%         13%
Last Week      57%         14%
Last year      72%          7%

  ** 48% setting pods vs 45% average

U.S. Pasture and Range
45% good/excellent vs 51% year ago.
23% poor/v.poor vs 17% year ago.

 

Cattle futures closed mostly lower with most contracts ending mid-range. Pressure arose from a big jump in weekly slaughter last week and a pound gain in average weights. The August LC contract’s $5.00 discount to last week’s cash trade limited losses. Boxed beef ended mixed with Choice down .47 at 205.75 and Select up 1.02 at 197.84.

Lean Hog futures also closed lower and near the day’s lows. Despite an improved pork cutout, cash hog prices were quoted lower.  FOB Plant Pork closed up .91 at 99.66 with strength in loins and ribs.

Corn Sep -3 371; Dec -3 385 (381-86)

Bean Aug -6 994; Sep -6 999; Nov -6 1007 (994-1009)

  Meal -2 319

  Oil +10 3471

Wheat Sep -6 474; July -5 540 (538-45)

  KC Sep -6 475; MGE -9 731

Oats -6 284

Rice -15 1226

 

LC Aug -90 11200; Dec -25 11315; Feb -27 11500

FC Aug +12 14617; Oct -62 14622; Jan -62 14270

LH Aug -110 8030; Oct -47 6602; Dec -55 6050

Milk Aug -1 1655; Sep +9 1725
 

US$ -.4%
  Continues the downtrend started in January 2017. Last time this low was May 2016. Only 1 percentage point above critical support level.

 

Dow +61 21891  - Record HIGH

SP -2 2470

NAS-27 6348

Tran -44 9183

  VIX +.18 10.47

 

WTI +49 5020

Brent +13 5265

Gas +3 171

NG +4 297

HO +2 166

Eth +1 155

Gold unch 1269

Slvr +11 1653

 

2-yr  unch 1.351%

5-yr +.003 1.832%

10yr +.002 2.289%

30yr +.003 2.893%

 

Kentucky Weekly Livestock Summary for the week of Jul 24-Jul 29, 2017
Receipts  
This Week            Last Week         Last Year
15,046               12,811            11,641
           Compared with last week steer calves sold 2.00 to 5.00 lower with moderate demand.  Heifer calves sold steady to 4.00 lower with moderate demand.  Quality was average through good. Yearling steers and heifers traded mostly steady with good demand.  Falling CME cattle futures reduced demand this week.  Slaughter cows sold mostly steady to 3.00 higher with moderate to good demand and slaughter bulls sold mostly steady to 2.00 higher with moderate to good demand.

  In the feeder supply, steers made up approximately 46 percent and heifers approximately 37 percent. Feeder cattle over 600 lbs totaled approximately 55 percent.

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