Market Closes - April 24, 2017
Posted on Apr 24, 2017CBOT futures closed very mixed with soybean meal the big winner; meal’s gains offset weaker soybean oil to lift soybean futures one percent. Corn and soybeans were supported the sharp drop in the US Dollar that followed the French vote on Sunday. Also, forecasts for heavy rain in the Corn Belt could put corn planting progress behind schedule. Today’s USDA report at 17% complete is a little better than trader’s expected. Wheat futures headed south at the 830 am opening and stabilized near the lows mid-morning when corn futures rebounded from its lows. Spec funds reportedly were buyers of corn, soybeans and meal, sellers of wheat.
Corn Planting Progress
. 4/23/17 5-yr average
U.S. 17% 18% (28% last year)
KY 29% 33% (46% last year)
4% emerged vs 4% 5-yr average.
Soybean Planting Progress
. 4/23/17 5-yr average
U.S. 6% 3% (3% last year)
KY 2% 2% (3% last year)
Winter Wheat Conditions – 18 States
. Good/Excellent Poor/V.Poor
This Week 54% 13%
Last Week 54% 13%
Last year 59% 8%
Cattle futures closed strongly lower but well off the day’s lows. Futures were pressured by Friday’s Cattle on Feed Report that reported March Placements higher than expected. However, a stronger boxed beef market limited losses, as did April LC’s discount to last week’s average cash price of $131.62/cwt. Choice carcasses up 1.51 at 218.67; Select up 0.40 at 204.29.
Lean Hog futures closed higher with the nearby May LH contract leading the way up. Futures were lifted by short-covering after an extended period of down days. A strong morning pork market reversed by the afternoon. FOB Plant Pork dropped .98 to 74.49 as bellies lost 4 percent in value. At midday, the cutout was UP .95.
Corn May +2 359; Jly +2 365; Dec +1 383 (380-85)
Bean May +10 961; Jly +11 972; Nov +8 967 (960-68)
Meal +7 316
Oil -25 3169
Wheat May -2 402; Jly -2 419 (418-25)
July KC -3 414; MGE -4 531
Oats +1 219
Rice -16 960
LC Apr -80 12900; Aug -180 11097; Oct -160 11002
FC Apr -30 13825; Aug -155 14070; Oct -122 14047
LH May +137 6440; Jly +87 7040; Oct +7 6340
Milk Apr unch 1520; May -7 1557
US$ -.9% 99.05 Lowest value since November 11. Peaked at 103.82 on January 3.
Dow +216 20764
SP +25 2374
NAS +73 5984
Tran +149 9283
VIX -3.71 10.92 -25%
WTI -39 4923
Brent -36 5160
Gas -2 162
NG -3 5161
HO -1 154
Eth unch 162
Gold -12 1276
Slvr unch 1786
2-yr +.049 1.233%
5-yr +.040 1.800%
10yr +.035 2.271%
30yr +.032 2.926%
Kentucky Weekly Livestock Summary for the week of Apr 17-22, 2017
Receipts
This Week Last Week Last Year
19,986 23,678 20,263
Compared to last week steer calves sold steady to 3.00 higher and heifer calves sold steady to 5.00 higher. Yearling steers and heifers were 2.00 to 4.00 higher. Demand was moderate through very good and quality good through attractive for all feeder classes.
Slaughter cows sold steady to 4.00 higher and slaughter bulls steady to 3.00 higher. Demand was moderate through very good.
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