Market Update - August 20, 2015

Posted on Aug 20, 2015
CBOT futures are mostly higher with Chicago Wheat posting the best gains as futures bounce off key chart support. Corn and soybeans are higher but have not exceeded yesterday’s highs. Soybeans hit new lows overnight before starting to rally at 7 am; futures are now near the day’s highs.

Outside market influence is mixed as equities are down 1 percent and precious metals are up 2 percent. Energy futures are little changed after trading to lower levels overnight. CBOT, energy and metals have rallied since early morning.

Live Cattle futures are making a surprising comeback today from the big losses yesterday. Still, LC futures remain below yesterday’s highs and Tuesday’s closes. Support comes from Choice beef being up .87 at 247.65, but Select is down .53 at 235.91.

Yesterday’s and today’s weakness in pork values and cash hog prices are pressuring Lean Hog futures. The LH selloff began yesterday afternoon. At midday, FOB Plant Pork is down 1.16 to 87.11 on weaker loin, butt, rib and ham primals; picnic and belly values rose strongly. LH futures are now about $2.00 below Monday’s highs and $2-3 above last week’s lows.

Corn Sep +3 370; Dec +3 381 (378-83) Bean Sep +11 914; Nov +8 902 (888-905) Meal +4 328 Oil +11 2800 Wheat Sep +8 505; Jly +9 518 KC +6 480; MGE +4 512 Oats -2 221 Rice -16 1174

LC Aug +125 14650; Oct +147 14662; Feb +100 14840 FC Aug -47 21332; Oct +30 20417; Jan +32 19570 LH Oct -97 6502; Dec -105 6122; Feb -110 6605 Milk Sep +1 1677; Oct unch 1687

 

US$ -.5% Dow -1.3% SP -1.2% NAS -1.7% Tran -1.5% VIX +12.5% 17.15

WTI +.4% Brent -.4% Gas -.8% NG +2% HO -.5% Eth +.1% Gold +1.8% Slvr +2.1%

5-yr -.010 1.490% 10yr -.033 2.096% 30yr -.050 2.769%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 08/18/15 Receipts: 1309 Last Week: 2175 Year Ago: 1469 Compared to last week steer and heifer calves sold steady to 3.00 lower with moderate demand; 550-700 lb heifers sold 2.00 to 5.00 lower with light demand. Quality was plain through good. Yearling steers sold 5.00 lower in a limited comparison. Slaughter cows and slaughter bulls sold steady with moderate demand.

Tagged Post Topics Include: Economics, Market updates