Market Closes - May 26, 2015

Posted on May 26, 2015
CBOT futures closed mostly lower with wheat down sharply. Following a 3-day weekend, the financial markets set the bearish tone as the US Dollar surged on expectations of US interest rates increasing this year as the economy strengthens. Wheat futures dropped despite the flooding damage in the southern Plains. The total winter wheat crop did not see a change in its USDA condition rating this week (see below). Corn and soybean planting progress is ahead of the 5-year average.

Corn Planting Progress . 5/24/15 5-yr average U.S. 92% 88% (86% last year) KY 91% 83% (85% last year)

Corn Emergence 74% compared to 62% average

Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 74% 3% No comparisons

Soybean Planting Progress . 5/24/15 5-yr average U.S. 61% 55% (55% last year) KY 40% 33% (28% last year)

Winter Wheat Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 45% 19% Last Week 45% 19% Last year 30% 44%

Pasture Conditions 60% good/excellent vs 10% poor/v.poor

Cattle futures closed mixed with weakness in the nearby Live Cattle contracts. Friday’s friendly Cattle on Feed Report (lower placements) supported deferred LC futures. The stronger US Dollar and falling equity markets weighed on the market. A stronger boxed beef market limited nearby losses. Choice up 0.82 at 261.07; Select up 1.58 at 249.20

Lean Hog futures dropped moderately under pressure the outside markets and last week’s large slaughter totals. Losses were limited by the stronger pork market. FOB Plant Pork closed up 1.09 at 86.67. LH futures still remain near the highs following the March-May rally.

Corn Jly -5 355; Dec -4 373 Bean Jly -2 922; Nov -2 905 Meal -2 302 Oil +50 3214 Wheat Jly -22 493; Dec -21 516 KC -22 524; MGE -15 553 Oats -4 238 Rice +1 942

LC Jun -32 15180; Oct unch 15260 FC Aug +60 21960; Oct +52 21752 LH Jun -55 8317; Oct -35 7382 Milk Jun -9 1638; Jly -5 1660

 

US$ +.9% Dow -190 18042 SP -22 2104 NAS -57 5033 Tran -132 8350 VIX +1.93 14.06 +15.9%

WTI -137 5835 Brent -158 6394 Gas -5 200 NG -6 283 HO -5 190 Eth -1 157 Gold -17 1187 Slvr -30 1675

2-yr -.012 0.614% 5-yr -.056 1.524% 10yr -.087 2.142% 30yr -.098 2.902%

Lexington Auction (Tues) Weighted Average Report for 05/26/2015 Receipts: 1138 Last Week: 1057 Year Ago: 1038 No comparison with yesterday stockyards closed for Holiday, however compared to last week steer and heifer calves sold steady to firm with good demand. Quality was average through good. Slaughter cows and bulls sold steady early and 1.00 lower late.

Today's supply included 59.2 percent that weighed over 600 lbs. 25.4 percent steers and 14.7 percent bull calves 0.0 percent Holstein Steers and 44.5 percent heifers of total recorded feeder supply. 134 head of slaughter cows with 97 percent going to slaughter. 30 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates