Market Closes - June 19, 2017

Posted on Jun 19, 2017

CBOT futures closed mixed in a fairly volatile trading day.  When markets opened Sunday evening, futures were pressured by recent rainfall in the Corn Belt.  After a sharp break at the open, futures rallied until midnight.  Then, soybean futures turned south and closed near the day’s lows. Corn futures closed poorly and also ended at/near the lows. Chicago wheat rallied up until the last hour when prices dropped 8 cents. Traders are concerned about the spring wheat crop deteriorating from dry soils. Tonight, spring wheat dropped from 45% good/excellent to 41%, while the poor/very poor share jumped from 20% to 27%. A year ago, the good/excellent share was 76% and the p/vp was only 4%.

Friday’s CFTC report showed that as of last Tuesday, the spec funds had covered their big short position. So they’re ready to go long or short depending on the weather. This week’s crop conditions are near steady from last week.

Week ending June 18
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      67%         8%
Last Week      67%         8%
Last year      75%         4%


U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      67%         7%
Last Week      66%         6%
Last year      73%         5%

  ** 89% emerged vs 84% average

Winter Wheat Harvest Progress
28% complete vs 23% year ago and 25% on average.

U.S. Pasture and Range
63% good/excellent vs 64% year ago.
12% poor/v.poor vs 9% year ago.


Live Cattle and Feeder Cattle futures closed sharply lower after opening steady/higher this morning.  Live Cattle have been under selling pressure for the last 10 days as traders’ attitudes have been more bearish as the cash cattle market; last week’s average cash trade was $130.23. June LC at $120 are down $11/cwt since June 9, and $14/cwt since this contract made a “double-top” on June 6 above $134. In contrast, the Choice beef cutout is less than $2.00 lower since June 9.  Tonight, Choice beef lost .38 to 249.46 and Select gained 1.56 to 221.36.

Thanks to stronger cash hog prices and pork cutouts, Lean Hog futures closed sharply higher with some contracts making new highs. Traders will be looking for signs of a seasonal high to turn sellers. FOB Plant Pork gained .94 to 96.57 with strong value gains in butts, picnics, hams and bellies, but loins lost about 5 percent.

US equity indexes, SP500 and DOW, closed at record highs. WTI crude oil closes at 7-month lows.

Corn Jly -9 375; Dec -9 393 (393-99)

Bean Jly -1 938; Nov -1 948 (944-58)

  Meal +1 302

   Oil -29 3282

Wheat Jly +2 467 (458-73); Dec +1 504

  Jly  KC -1 472; MGE -3 639

Oats -1 268

Rice +12 1152

 

LC Jun -170 12000; Oct -165 11370; Dec -165 11442

FC Aug -287 14500; Oct -292 14290; Jan -217 13632

LH Jly +157 8390; Oct +260 6937; Dec +197 6352

Milk Jun -1 1632; Jly -19 1622

US$ +.4%

Dow +145 21529

SP +20 2453

NAS +87 6239

Tran +63 9477

  VIX -.17 10.21

 

WTI -69 4405

Brent -56 4681

Gas -1 145

NG -14 289

HO -2 141

Eth -2 155

Gold -12 1242

Slvr -21 1242

 

2-yr +.041 1.360%

5-yr +.041 1.788%

10yr +.033 2.190%

30yr +.003 2.786%

May Milk Production in the United States up 1.8 Percent

Milk production in the United States during May totaled 18.9 billion pounds, up 1.8 percent from May 2016.

Production per cow in the United States averaged 2,016 pounds for May, 19 pounds above May 2016.

The number of milk cows on farms in the United States was 9.39 million head, 71,000 head more than May 2016, and 2,000 head more than April 2017.

 

Kentucky Weekly Livestock Summary for the week of Jun 12-17, 2017

Receipts

This Week            Last Week         Last Year

  14,543               17,386            13,417

Compared to last week, steer calves sold mostly 2.00 to 4.00 lower and heifer calves mostly 3.00 to 5.00 lower.  Yearling steers and heifers sold mostly steady to 4.00 lower.  Demand was moderate to good for an average through good quality offering. Slaughter cows sold mostly steady to 3.00 lower with moderate demand and slaughter bulls mostly steady to 2.00 lower with moderate to good demand.
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here