Market Closes - May 16, 2018

Posted on May 16, 2018

Corn Jly -3 399 (398-405); Dec -2 417 (415-21)

Bean Jly -19 1000 (999-1018); Nov -16 1009 (1008-25)

  Meal -6 377

  Oil -53 3059

Wheat Jly +1 494 (491-99); Dec unch 532

   KC +4 514; MGE +5 611

Oats +1 241

Rice +6 1255

 

LC Jun -115 10182; Oct -145 10230; Dec -97 10762

FC May -82 13272; Aug -172 13672; Oct -137 13822

LH Jun +117 7590; Aug +40 7785; Oct +37 6362

Milk Jun -16 1596; Jly -10 1626

Corn and soybean futures closed lower with the soy complex leading the way down. Corn and soybeans tried to move higher when markets reopened at 830 am CT, but heavy selling hit the market right away. Futures trended lower for the rest of the day. Corn and soy contracts closed near the lows; wheat rallied back in the last 15 minutes to manage mid-range closes. Pressure stemmed from spec fund selling due to renewed fears about a trade war with China. The NAFTA deal may also be at risk.  The funds have huge long positions in corn, soybeans and soybean meal.

Cattle futures closed lower for the third straight day as cash feedlot prices soften, as did boxed beef prices today. Choice down 0.61 at 231.03; Select down 1.01 at 208.50.  

Lean Hog futures closed higher thanks to stronger cash hog prices. LH futures recovered much of Tuesday’s losses. FOB Plant Pork ended up .15 at 74.39 with a 5% drop in loin value offsetting gains in all other cuts.

 

US$ +.15%

Dow +63 24679

SP +11 2722

NAS +47 7398

Tran +87 10703

VIX -1.21  13.42

 

WTI +19 7156

Brent +92 7935

Gas +5 225

NG -2 281

HO +2 227

Eth -2 147

Gold +1 1291

Slvr +10 1630

 

2-yr +.008 2.593%

5-yr +.018 2.943%

10yr +.022 3.102%  - Hit highest level since 2011

30yr +.012 3.221%

Kentucky Farm Bureau Minute video  - Click Here

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