Market Closes - May 24, 2016

Posted on May 24, 2016

CBOT futures closed mixed with new-crop soybeans losing the most. Morning market strength eventually gave way to selling after lunch. Corn futures fell sharply in the last 15 minutes of trading – falling back below the key $4.00 level.  Price direction is mostly a result of the large funds adjusting their positions between corn and soybean futures. They have large long positions in both but seem to be favoring corn over soybeans this week. The question is whether significant acres will be switched from corn to soybeans.

Cattle futures closed lower, adding to the sharp losses posted Monday when some contracts were down the daily limit due to last Friday’s bearish Cattle on Feed Report. The COF showed April Placements at 107.5% of a year-ago when the trade expected a reading of 98.4%. June Live Cattle are now more than a $10/cwt discount to recent cash trade. Boxed beef weakened today as retailers are stocked up for the holiday weekend. Hopefully, weather doesn’t cancel many cookouts. Choice ended down 1.05 at 223.27; Select down 0.33 at 206.82.

Lean Hog futures closed mixed. Pressure came from the cattle market, weaker pork prices and the down trend that’s been in place the past week (LH lost around $4.00/cwt). Pork cutouts were down sharply with the FOB Plant Pork was down 1.14 at midday.

Corn Jly unch 397; Dec unch 403 (400-07)

Bean Jly -4 1055; Nov -7 1029 (1019-41)

Meal +1 389

  Oil -26 3089

Wheat Jly +2 464 (458-70); Dec +2 493

  KC unch 446; MGE -2 522

Oats -1 189

Rice -4 1157

 

LC Jun -15 11800; Oct -117 11292; Dec -62 11375

FC May -100 14600; Aug -132 14210; Oct -47 13910

LH Jun +60 7967; Aug +5 7877; Oct -30 6700

Milk May unch 1282; Jun +12 1261

US$ +.4%

Dow +213 17706

SP +28 2076

NAS +95 4861

Tran +43 7681

  VIX -1.40 14.42  -8.8%

 

WTI +102 4910

Brent +66 4901

Gas unch 164

NG -8 198

HO +3 151

Eth +1 162

Gold -24 1227

Slvr -18 1624

 

2-yr +.012 0.913%

5-yr +.030 1.404%

10yr +.025 1.865%

30yr +.009 2.644%

 

Lexington Auction (Tues)
Weighted Average Report for 05/24/2016

Receipts:  291    Last Week:  1092    Year Ago:  1138
  ****Lexington Tuesday's sale now held at Richmond yards due to fire that destroyed Lexington yards****

   Compared to last Tuesday steer calves sold 2.00 to 4.00 lower with light demand in a limited comparison.  Heifer calves sold 3.00 to 6.00 lower with light demand.  Few weaned offerings compared to last week with most calves in medium to fleshy condition.  Average through good quality offering.  Slaughter cows sold 1.00 lower with moderate demand. Slaughter bulls steady.

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