Market Closes - September 17, 2018

Posted on Sep 17, 2018

Corn Dec -4 348 (348-52); Mar -4 360

Bean Nov -7 823 (821-30); Mar -7 850

  Meal -3 303

  Oil -6 2743

Wheat Dec -5 506; Jly -5 545 (544-55)

  KC -3 513; MGE +3 575

Oats +1 243

Rice -19 1030

 

LC Oct -37 11342; Dec +5 11810; Feb +40 12230

FC Sep -10 15732; Nov +60 15902; Jan +70 15560

LH Oct +22 5645; Dec -127 5537; Feb -115 6452

Milk Oct -15 1611; Nov -6 1625

 

CBOT futures closed lower under pressure from harvest, rains in South America, and ongoing trade tensions with China.  Corn also had bad news in one ethanol producer closing two plants in IA and cutting production at another in MN.  Generally, momentum favors the bears (speculative funds). While corn futures set new contract lows, soybean futures only challenged the lows. US corn and soybean harvests are both 3 points ahead of the 5-year average.

Week ending Sep 16
U.S. Corn Conditions

.      Good/Excellent  Poor/V.Poor

This Week      68%         12%

Last Week      68%         12%

Last year      61%         13%

  ** 54% Mature vs 36% average

  **  9% Harvested vs 6% average

 

U.S. Soybean Conditions

.      Good/Excellent  Poor/V.Poor

This Week      67%         10%

Last Week      68%         10%

Last year      59%         12%

  ** 53% dropping leaves vs 36% average

  **  6% Harvested vs 3% average

 

U.S. Pasture and Range

44% good/excellent vs 45% year ago.

25% poor/v.poor vs 24% year ago.

 

LC Oct -37 11342; Dec +5 11810; Feb +40 12230

FC Sep -10 15732; Nov +60 15902; Jan +70 15560

LH Oct +22 5645; Dec -127 5537; Feb -115 6452

 

Cattle futures closed narrowly mixed to follow up on Friday’s huge gains. Last week’s cash cattle trade up $3.00 versus the previous week. October LC futures at 113.42 are about $3/cwt premium to Friday cash market. Choice Beef ended UP 1.77 at 206.04 and Select was UP .91 to 197.38 

Lean Hog futures beyond the nearby October LH contract closed moderately lower. However, LH rebounded throughout the day after setting the day’s lows in the first 30 minutes of trading, down some $2.00-2.50/cwt from Friday’s closes. Market support came from higher pork values -- FOB Plant Pork jumped 1.49 at 76.02 with picnics up 6%.

 

US$ -.4%

Dow -93 26062

SP -16 2889

NAS -114 7896

Tran -102 11469

  VIX +1.61  13.68

 

WTI -9 6868

Brent -4 7805

Gas +1 198

NG +5 281

HO unch 221

Eth -1 127

Gold +5 1206

Slvr +8 1412

 

2-yr unch  2.782%

5-yr -.005 2.893%

10yr unch  2.994%

30yr +.001 3.133%

 

Kentucky Weekly Livestock Summary for the week of Sep 10-15, 2018

    Receipts: 19,510   Last Week 10,711     Last Year 24,142  

Compared to last week, steer calves sold steady to 4.00 higher with good demand and heifer calves were steady to 3.00 higher with good demand.  Yearling steers were 2.00 to 5.00 higher with good to very good demand and yearling heifers 3.00 to 5.00 higher with very good demand.  Quality was good through attractive for

all feeder classes.  Slaughter cows sold steady to firm and slaughter bulls mostly steady with good supply and moderate to good demand.

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