Market Closes - May 31, 2018

Posted on May 31, 2018

Corn Jly unch 394; Dec unch 414 (413-18)

Bean Jly -4 1018; Nov -2 1034 (1029-45)

  Meal -2 375

  Oil -36 3112

Wheat Jly +4 526 (515-32); Dec +4 563

  KC +2 542; MGE unch 612

Oats +6 245

Rice -10 1156

 

LC Jun -107 10505; Oct -70 10705; Dec -67 11177

FC Aug -115 14740; Oct -62 14700; Jan -52 14370

LH Jun -70 7662; Aug -167 7702; Dec -92 5842

Milk Jun -9 1557; Jly -10 1639

 

CBOT futures closed narrowly mixed.  Corn and soybeans made the day’s highs soon after the 830 am opening and then worked lower.  Corn sold off into the close and finished at/near the day’s lows. Soybeans made a late bounce to close a nickel off the lows. Wheat was the winner today, making small gains.  The good thing is that CBOT futures ended the sell-off that occurred Tuesday and Wednesday. However, the technical damage done to the price charts remains in place (bearish price reversals).  The U.S. announced several import tariffs on the EU/Canada/Mexico this morning; this weighed on the market based on ideas those countries may retaliate on U.S. products.

Cattle futures opened higher on follow-through to Wednesday strong gains, but sold off on the import tariff news soon after the open, only to later recover some of the losses. The June LC contract remains at a steep discount to light trade this week at $110/cwt.  Choice beef ended down .48 at 228.20 and Select was up .09 at 204.47.

Lean Hog futures dropped significantly on the tariff news, erasing much of the Tues/Wed gains. Mexico already retaliated on U.S. pork bellies. Ironically, belly value was quoted $3-4/cwt higher by USDA.  While futures sold off, the pork cutout was up strongly. FOB Plant Pork closed up 2.17, similar to the midday quote.

 

US$ -.2%

Dow -252 24416

SP -19 2705

NAS -20 7442

Tran -168 10750

  VIX +.49 15.43

 

WTI -112 6709

Brent +9 7759

Gas -1 217

NG +7 295

HO -2 221

Eth unch 148

Gold -3 1298

Slvr -12 1642

 

2-yr +.024 2.435%

5-yr +.028 2.701%

10yr +.018 2.862%

30yr +.008 3.025%

 

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 5/29/18

**Light receipts due to stockyards closed for Holiday on Monday.

    Receipts:  655   Last Week:  1774   Year Ago: 1412

Compared to last week steer and heifer calves sold mostly steady with good demand; however softer undertone for 600-700 calves. Average through good quality offering.  Yearling steers lightly tested.  Slaughter cows sold 1.00 higher and slaughter bulls sold steady with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

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