Market Closes - May 29, 2018

Posted on May 29, 2018

Corn Jly -6 400; Dec -6 419 (416-29)

Bean Jly -11 1030; Nov -11 1042 (1040-60)

  Meal unch 380

  Oil -13 3121

Wheat Jly -6 536 (531-54); Dec -6 572

   KC -7 556; MGE -16 628

Oats -5 244

Rice -10 1146

 

LC Jun -152 10312; Oct -97 10485; Dec -90 11042

FC Aug +5 14497; Oct +5 14437; Jan -5 14177

LH Jun +147 7567; Aug +135 7742; Oct +82 6365

Milk Jun +7 1574; Jly +17 1652

 

CBOT futures closed sharply lower after trading higher overnight. Futures were pressured early morning and then hit a couple more times as bearish news hit from outside financial markets. The U.S. equity market dropped sharply as news broke that the U.S. is moving forward with tariffs on Chinese products. The U.S. dollar also rose sharply, hitting levels not seen since early November. Today’s price action makes the price charts look bearish with key reversals; however, price action the rest of the week will either confirm or negate these chart signals.

Corn Planting Progress

.     5/27/18  5-yr average

U.S.   92%       90%  (90% last year)

KY     90%       87%  (90% last year)

U.S. emergence is 72% vs 69% average

U.S. crop rated 79% good/excellent vs 65% last year.

Soybean Planting Progress

.     5/27/18  5-yr average

U.S.    77%        62%  (65% last year)

KY      56%        34%  (43% last year)

U.S. emergence is 47% vs 32% average.

Winter Wheat Conditions – 18 States

.        Good/Excellent  Poor/V.Poor

This Week       38%          34%

Last Week       36%          35%

Last year       50%          15%

Cattle futures closed mixed with the Live Cattle lower – June LC leading the way down.  Pressure stemmed from last week’s weak cash market, ending near $110/cwt. The bearish sentiment in equities, energy, metals and grains also hurt. Choice 1-3 600-900 lbs carcasses up 0.13 at 227.56; Select 1-3 600-900 lbs carcasses dn 0.97 at 203.65.  Friday’s Cattle on Feed Report was also somewhat negative. The May 1 on-feed inventory is 5.1% greater than a year earlier.

Lean Hog futures was the only bright spot in Chicago today as they moved strongly higher. Support came from declining carcass weights and a very strong pork market during the session. FOB Plant Pork gained .74 to 76.34, much lower than the midday quote of 78.12 when belly value was up 10 percent. 

Treasury yields dropped dramatically as investors traded equities for the safety of Treasury bonds.  

 

US$ +.7%

Dow -392 24361

SP -31 2690

NAS -37 7397

Tran -145 10756

   VIX +3.80  17.02

 

WTI -115 6673

Brent +9 7539

Gas -4 214

NG -6 287

HO -2 219

Eth -1 149

Gold -5 1299

Slvr -18 1630

 

2-yr -.161 2.323%

5-yr -.180 2.587%

10yr -.152 2.783%

30yr -.117 2.977%
 

Kentucky Weekly Livestock Summary for the week of May 21-26, 2018
  Receipts: 17,570      
  Last Week 18,653     
  Last Year 17,905
    Compared to last week steer calves sold mostly steady to 3.00 higher and heifer calves sold mostly steady to 2.00 higher. There was moderate to good demand for a good through attractive quality offering.  Yearling steers sold unevenly steady with moderate to good demand.  Slaughter cows and slaughter bulls sold steady to 2.00 higher with moderate to good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here