Market Closes - September 21, 2016

Posted on Sep 21, 2016

CBOT futures closed mixed again today but the soy complex reversed yesterday’s strong move higher. Today’s profit-taking shouldn’t be surprising after a 50-cent rally in four trading days. November Soybeans traded down to the key 200-day moving average at 9.71. A break below this level could lead to a test of the August/September lows. Wheat futures closed higher after Egypt announced it would follow international standards for ergot content instead of its zero-tolerance policy.

The FOMC announced no change in its interest rate policy, so the US Dollar weakened this afternoon. This is friendly to commodity prices and exports -- see precious metals and energy futures.

After Tuesday’s minor setback, cattle futures pushed higher again with the Live Cattle contracts trading to new highs for this September rally.  Market support came from higher boxed beef and ideas that the cash cattle market will edge higher from last Friday’s $110/cwt. Choice up 1.67 at 187.17; Select dn 0.17 at 179.78.

On the other hand, Lean Hog futures opened near unchanged but headed south through the morning. May 2017 and beyond closed higher. Futures were pressured by heavy market receipts and a big drop in the pork cutout. FOB Plant Pork dropped 1.60 to 79.52 with a sharp drop in values of hams, picnics and ribs.

Corn Dec unch 340; May -1 357

Bean Nov -14 975; May -12 990

  Meal -4 309

  Oil -43 3340

Wheat Dec +2 408; Jly +2 451

  KC +4 422; MGE +3 495

Oats +1 176

Rice -22 967

 

LC Oct +87 10855; Dec +130 10835; Apr +90 10787

FC Sep +102 13635; Oct +110 13222; Jan +107 12612

LH Oct -112 5442; Dec -82 4825; Feb -27 5310

Milk Oct -27 1593; Nov -30 1618

US$ -.5%

Dow +164 18294

SP +23 2163

NAS +54 5295

Tran +138 7931

VIX -2.62 13.30  -16.5%

 

WTI +158 4563

Brent +123 4712

Gas +4 140

NG +2 307

HO +3 144

Eth +4 152

Gold +22 1340

Slvr +64 1991

 

2-yr  unch 0.778%

5-yr -.011 1.189%

10yr -.032 1.655%

30yr -.051 2.378%

Lexington Auction (Tues)
Weighted Average Report for 09/20/2016

 Receipts:  830    Last Week:  841    Year Ago:  1336

    Compared to last Tuesday steer calves sold steady to 1.00 higher with most demand for weaned packages that are trending sharply higher than fleshy bawling calves.  Lightweight hard thin-fleshed bull calves sharply higher compared to last week.  Heifer calves under 700 lbs sold steady to 2.00 lower with light demand.  Quality was average through attractive.  Yearling steers sold steady to 1.00 higher with moderate demand.  Slaughter cows sold 4.00 lower with light demand and slaughter bulls untested.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here