Market Closes - September 6, 2016

Posted on Sep 6, 2016

CBOT futures closed mixed with the soy complex performing the best. Market support came from a sharply lower US Dollar Index and the report showing better-than-expected export inspections(shipments) for last week. September Soybeans closed above the key 200-day moving average, but November is 7 cents below. September Meal is right on the 200-day MA. Traders are eager to get USDA’s production update next Monday to confirm the size of the corn and bean crops.

Week ending Sept 4

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      74%         7%
Last Week      75%         7%
Last year      68%        10%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      73%         7%
Last Week      73%         7%
Last year      63%        11%

U.S. Pasture and Range
53% good/excellent vs 48% year ago.
16% poor/v.poor vs 19% year ago.

Cattle futures closed sharply lower with nearby Feeder Cattle contracts touching the daily limit of $4.50/cwt. Futures traded higher through most of the morning, but turned lower, then crashed in the final minutes of trading. Feeder Cattle futures finally joined Live Cattle by setting new contract lows. Market pressure continues from concerns for beef demand in the post-Labor Day period. Choice Beef dropped .81 to 190.28 and Select fell .54 to 186.53. 

Lean Hog futures closed sharply lower, adding to Friday’s big losses. Futures were pressured by the bearish cattle market.  Fundamentals are mixed with weaker cash hog price and a very strong pork market -- FOB Plant Pork soared 2.52 to 80.13.  October LH futures are at a sharp discount to cash values. LH futures are now approaching the contract lows set in early August.

Corn Dec unch 328; Mar unch 339

Bean Nov +7 960; Mar +8 967

  Meal +3 312

  Oil +9 3286

Wheat Dec -1 398; Jly -3 443

  KC -3 410; MGE -5 486

Oats -4 173

Rice -17 952

 

LC Oct -157 10002; Dec -155 10192; Apr -120 10275

FC Sep -437 13050; Oct -387 12820; Jan -290 12217

LH Oct -182 5892; Dec -120 5417; Feb -90 5920  

Milk Sep +12 1699; Oct +38 1736

 

US$ -1% 94.80

Dow +46 18538

SP +6 2186

NAS +26 5276

Tran +6 7952

  VIX +.04 12.02

 

WTI +44 4488

Brent -25 4738

Gas +1 132

NG -7 272

HO unch 141

Eth -1 144

Gold +28 1354

Slvr +75 2002

 

2-yr -.064 0.730%

5-yr -.073 1.117%

10yr -.061 1.536%

30yr -.044 2.228%

Kentucky Weekly Livestock Summary for the week of Aug 29-Sep 3, 2016.
Receipts
This Week    Last Week         Last Year
  13,166      15,101            12,779

  Compared to last week, steer calves sold 2.00 to 5.00 lower with instances to 10.00 lower.  Heifer calves were mostly 3.00 to 7.00 lower.  Demand was light to moderate for a plain to good quality offering.  Supply was light to moderate.  Yearling steers and heifers were steady to 3.00 lower with moderate demand. Slaughter cows and bulls were mostly steady to firm.  CME futures fell all but one day this past week, putting downward pressure on local prices.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here