Market Closes - May 18, 2017

Posted on May 18, 2017

Soybean futures fell sharply today as a result of an 8% drop in the Brazilian Real from a political scandal there.  The weaker Brazilian currency may encourage Brazilian bean sales which will reduce demand for U.S. soybeans. Corn futures also dropped sharply, more than wiping out yesterday’s gains and turning the chart picture from positive to somewhat negative (below key moving averages). Soybean futures tested the major lows set on April 11; if those key support levels fail, selling could increase (July @ $9.41; November @ $9.415). Wheat shook off today’s bearishness to close mostly steady. Until today’s dollar strength, the US$ was working lower with big moves on Tuesday and Wednesday. The US$ is around 5% below its peak set in late December/early January. Wheat also found support from signs that U.S. wheat is competitive for some import buyers.
 

Cattle futures traded both sides of unchanged but closed higher to strongly higher (feeder cattle) and in the upper end of the range. Live Cattle were supported by additional cash trade $10/cwt above June futures.  Feeder futures gained from the sharp drop at the CBOT. Choice beef dropped .96 to 247.21 and Select fell .27 to 221.66.
 

Lean Hog futures closed narrowly mixed, rebounding from early session losses to close near the day’s highs. The June LH contract has significant resistance at the $80.00 level. FOB Plant Pork closed down .26 at 87.00; gains in ribs and bellies offset losses in other cuts.

Corn Jly -5 366; Dec -5 384 (382-89)

Bean Jly -31 945; Nov -23 945 (942-66)

  Meal -8 307

  Oil -71 3244

Wheat Jly -1 426 (421-29); Dec unch 461

   July KC unch 426; MGE +4 545

Oats unch 236

Rice -2 1088

 

LC Jun +47 12292; Oct +22 11580; Dec -5 11627

FC May +30 14227; Aug +162 14935; Oct +125 14800

LH Jun +25 7915; Aug +5 7872; Oct -25 6747

Milk Jun -18 1619; Jly -19 1664
 

US$ +.4%

Dow +56 20663

SP +9 2366

NAS +44 6055

Tran +35 8819

  VIX -1.21  14.38

 

WTI +25 4966

Brent +24 5245

Gas unch 161

NG -1 318

HO +1 155

Eth +1 146

Gold -6 1253

Slvr -24 1667

 

2-yr +.020 1.266%

5-yr +.023 1.771%

10yr +.012 2.228%

30yr +.006 2.903%
 

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 05/16/17

Receipts:  1270   Last Week:  962   Year Ago:  1972
   Compared to last week steer calves sold steady to 2.00 higher on attractive quality calves.  Heifer calves sold steady to 1.00 higher.  Quality was average through attractive.  Yearlings sold steady in a limited comparison with last weekÂ’s light test.  Slaughter cows sold steady and slaughter bulls sold 1.00 higher with good demand. 

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