Market Closes - May 26, 2016
Posted on May 26, 2016Trading at the CBOT was interesting today with wide trading ranges and a change in market leadership. Futures were led higher overnight by the soy market, but when trading reopened at 830 am, futures fell abruptly. By mid-morning, futures began to rally led by the wheat futures market and corn somewhat. Corn and wheat closed near the day’s highs, but soybeans ended closer to the lows. Wheat found support from ideas excessive rainfall could hurt wheat production including quality. Corn benefited from a strong weekly export sales report. Soybeans were pressured by profit-taking amid a weak export sales report. July Soybeans did hit a new high for this March-May rally but closed lower. November Soybeans sit 30 cents below the 2016 high made May 10. Tuesday’s low is support at 10.19.
Cattle futures closed strongly higher after trading lower during the first 1.5 hours. Despite the weak beef market and cash cattle price, traders took advantage of June LC’s sharp discount to cash. Choice ended down 0.85 at 222.72; Select down 1.82 at 203.26.
Lean Hog futures also closed higher with June LH up for the third straight day. LH rose despite a weaker pork market and June LH’s premium to the latest CME LH Index. FOB Plant Pork fell 1.46 to 83.57 with all cuts down except for ham. At midday, FOB Plant was down 2.06.
Corn Jly +3 408; Dec +1 410 (404-11)
Bean Jly -6 1080; Nov -4 1050 (1044-65)
Meal +2 410 (402-20)
Oil -30 3104
Wheat Jly +15 481 (465-82); Dec +13 508
KC +11 462; MGE +12 534
Oats +1 191
Rice -17 1106
LC Jun +77 11892; Oct +167 11482; Dec +122 11512
FC Aug +272 14540; Oct +230 14247; Jan +187 13400
LH Jun +37 8055; Aug +157 8075; Oct +110 6840
Milk Jun +26 1294; Jly +15 1327
US$ -.2% 95.15
(2016 low was 91.91 on May 3; high 99.82 set January 29)
Dow -23 17828
SP unch 2090
NAS +7 4902
Tran -21 7723
VIX -.47 13.43 -3.4%
WTI -16 4930
Brent -28 4946
Gas -2 162
NG -7 192
HO -1 150
Eth unch 164
Gold -4 1220
Slvr +8 1634
2-yr -.043 0.875%
5-yr -.052 1.351%
10yr -.038 1.832%
30yr -.029 2.641%
Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 05/24/16
Receipts: 905 Last Week: 1972 Year Ago: 1959
Compared to last week steer calves 2.00 to 4.00 lower and heifer calves sold 3.00 to 5.00 lower with light to moderate demand. Yearling steers 5.00 to 6.00 lower with light demand in a limited comparison. Slaughter cows sold steady to 1.00 lower with moderate demand. Erratic CME cattle futures continue to create instability on daily markets.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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