Market Closes - June 27, 2016

Posted on Jun 27, 2016

CBOT futures closed mixed. Funds bought the soy complex and sold corn and wheat. The rising US Dollar is negative for exports and commodity prices. Falling wheat prices could limit gains in corn due to wheat competing in the feed market. December Corn closed below the 200-day moving average ($3.96)for the second straight day. Many wheat contracts hit new contract lows. KC Wheat hasn’t been this low since early 2006. Soybean futures are driven by strong old-crop demand.

Traders will increasingly focus on Thursday’s USDA acreage and stocks reports. After analysts adjust their supply-demand tables, the weather will be back in charge going into the 3-day July 4th weekend.  Often, 3-day weekends change the trend or accelerate the price trend. Next Tuesday’s trade could be interesting.  

Week ending June 26
Corn Conditions

.        Good/Excellent  Poor/V.Poor

This Week      75%           5%

Last Week      75%           4%

Last year      68%           8%

Soybean Conditions
.        Good/Excellent  Poor/V.Poor
This Week      72%           5%

Last Week      73%           5%

Last year      63%           9%

Winter Wheat Harvested – 18 States
This Week       45%

Last year       33% 

5-year Avg.     41%

Cattle futures closed higher on short-covering following Friday’s sharp losses. Today’s gains only partially erased those losses. The boxed beef market was lower at midday and closed even lower. Choice down 3.26 at 210.60; Select down 0.44 at 197.39.  Friday’s Cattle on Feed Report came in close to expectations.

Lean Hog futures closed lower with pressure from Friday’s bearish Hogs and Pigs Report and weaker pork markets. FOB Plant Pork slipped .27 to 89.00; only belly value was higher today. LH futures have been moving lower for over a week.

Corn Jly +1 385; Dec unch 394 (392-402)

Bean Jly +30 1133; Nov +26 1105 (1076-1111)

  Meal +8 384

  Oil +27 3126

Wheat Jly -8 447 (446-60); Dec -7 478

   KC -10 413;  MGE -11 506

Oats -5 204

Rice +8 1084

 

LC Jun +122 11592; Oct +142 11230; Dec +127 11322

FC Aug +72 14017; Oct +107 13787; Jan +122 13100

LH Jly -90 8315; Aug -147 8350; Oct -82 7112

Milk Jly +5 1489; Aug -5 1586
 

US$ +.9%  96.36 
  US$ Index was 93.50 last week before BREXIT – a 3% gain.   The British Pound touched 1.50 before BREXIT and is 1.32 today.

Dow -261 17140

SP -37 2000

NAS -114 4594

Tran -227  7093

  VIX  -1.91  23.85

 

WTI -103 4661

Brent -87 4754

Gas -4 150

NG +6 275

HO -2 145

Eth +3 161

Gold +7 1327

Slvr -1 1778

 

2-yr -.056 0.597%

5-yr -.108 0.985%

10yr -.135 1.444%

30yr -.154 2.274%

Lexington Auction
Weighted Average Report for 06/27/2016
    Receipts:  411    Last Week:  360    Year Ago:  709
Compared to previous sale steers sold mixed with lightweight calves weak with light to moderate demand  in a limited comparison and yearlings 4.00 higher with good demand.  Heifer calves sold mostly steady with moderate demand in a limited comparison with some 500-550 lbs firm.  Quality was plain through good. Slaughter cows sold 1.00 lower with good demand and slaughter bulls sold steady with good demand.

Kentucky Weekly Livestock Summary for the week of Jun 20 through 25, 2016.
Receipts
This Week            Last Week         Last Year
 14,348               13,417            15,974

Compared to last week, steer and heifer calves sold mostly 3.00 to 8.00 lower with instances sharply lower.  Supply was light to moderate with moderate demand for an average through good quality offering.  Yearling steers and heifers sold mostly steady with light to moderate demand.  Slaughter Cows sold mostly 1.00 to 4.00 higher and bulls firm to 3.00 higher with good to very good demand.  Extreme heat and market volatility continued to be a significant influence.
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here