CBOT futures closed higher led by soybean oil and soybeans.  The soy complex was supported by the Malaysian palm oil market and strong nearby demand for soybeans as harvest is just starting – and harvest may be slowed by rain. Buyers were encouraged by the bullish chart action. Last Monday’s highs were exceeded, so August highs may be the next target. Corn and wheat only managed slight gains in sympathy with soybeans.

Cattle futures traded both sides of unchanged and closed lower. Despite Friday’s $5.00 increase in the cash market to $110/cwt and October LC’s discount to that price, traders remain cautious given a lack of strength in the Choice Beef market. Choice down 0.05 at 185.50; Select up 0.78 at 179.95. Friday has the monthly Cattle on Feed report.

UK BEEF BASH – Thursday, September 22
UKRECC, Princeton

Lean Hog futures opened higher, moved lower before noon, and then rallied into the closing bell to close moderately higher.  Most contracts beyond the October LH contract established new contract lows today. While pork values rose, cash hogs dropped. FOB Plant Pork gained .85 to 81.12 on a 4% jump in belly value and higher values for loins and ribs; hams dropped 3%.  October futures’ strong discount to the CME Index provides room for rallies like we saw today.

Corn Dec +3 342 (335-42); May +3 358

Bean Nov +17 990 (971-94); May +16 1003

  Meal +1 313

  Oil +100 3383

Wheat Dec +2 406; Jly +1 449 (446-53)

  KC +2 418; MGE -1 491

Oats +2 175

Rice +13 989

 

LC Oct -22 10767; Dec -30 10705; Apr -27 10697

FC Sep -12 13532; Oct -65 13112; Jan -87 12505

LH Oct +62 5555; Dec +90 4907; Feb +70 5337

Milk Oct +41 1615; Nov +41 1642

 

US$ +.2%

Dow +10 18130

SP +1 2140

NAS +6 5241

Tran +1 7793

  VIX +.39 15.92

 

WTI +55 4385

Brent +30 4625

Gas -4 138

NG +13 307

HO +2 141

Eth -2 148

Gold unch 1318

Slvr +1 1930

 

2-yr +.004 0.778%

5-yr -.005 1.202%

10yr -.005 1.693%

30yr -.008 2.436%
 

August Milk Production up 1.9 Percent           

Milk production in the 23 major States during August totaled 16.7 billion pounds, up 1.9 percent from August 2015. July revised production, at 16.9 billion pounds, was up 1.7 percent from July 2015.  The July revision represented an increase of 48 million pounds or 0.3 percent from last month's preliminary production estimate.
Production per cow in the 23 major States averaged 1,920 pounds for August, 26 pounds above August 2015. This is the highest production per cow for the month of August since the 23 State series began in 2003.

The number of milk cows on farms in the 23 major States was 8.68 million head, 43,000 head more than August 2015, and 15,000 head more than July 2016.

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