CBOT futures closed steady to mostly higher, led by the soybean market. Soybean futures were supported by daily soybean export demand, last week’s bounce off the 200-day moving average, higher energy futures supporting soybean oil and the calendar whereby soybeans face the final critical production period.  Tonight’s NASS Crop Condition report shows a slight drop for corn condition and a steady rating in soybeans.

Private crop estimates are being released ahead of Friday’s USDA Crop Report and WASDE update.

Week ending August 7

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      74%         7%
Last Week      76%         6%
Last year      70%         9%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      72%         7%
Last Week      72%         7%
Last year      63%        11%

U.S. Pasture and Range
51% good/excellent vs 55% year ago.
17% poor/v.poor vs 14% year ago.

Cattle futures closed mixed with weakness in the nearby contracts. Today’s losses are minimal in light of the huge price rally seen since July 21. Downside risk may be limited early week given last week’s average cash price near $119/cwt. Boxed beef prices were steady to better with Choice gained .17 to 199.17 and Select popped 1.64 to 191.84

Lean Hog futures closed higher except for the nearby August LH contract which was pressured by lower cash hog prices. Hog numbers coming to market are running higher than expected. A steady pork market today was a positive sign. FOB Plant Pork gained .14 to 77.09.  The August LH contract hit another contract low.

Corn Sep +1 325; Dec unch 335 (331-37)

Bean Sep +13 1001; Nov +10 985 (970-89)

  Meal +2 336

  Oil +39 3101

Wheat Sep +1 417; Dec +1 439; Jly -1 478

  KC -2 410; MGE +4 499

Oats -2 176

Rice +35 966

 

LC Aug -75 11692; Dec -25 11542; Feb +20 11515

FC Aug -52 14912; Oct +42 14430; Jan +65 13775

LH Aug -35 6710; Oct +55 5885; Dec +65 5472

Milk Aug +4 1714; Sep +8 1724

US$ +.2%

Dow -14 18529

SP -2 2181

NAS -8 5213

Tran +3 7869

  VIX +.14 11.53

 

WTI +122 4302

Brent +92 4519

Gas -1 136

NG -2 275

HO +3 134

Eth +1 143

Gold -3 1341

Slvr -1 1980

 

2-yr +.004 0.726%

5-yr +.016 1.146%

10yr +.008 1.590%

30yr -.007 2.303%

Kentucky Weekly Livestock Summary for the week of Aug 1-6, 2016.
Receipts  
This Week            Last Week         Last Year
15,827               11,641            14,155
   Compared to last week, steer and heifer calves sold 3.00 to 6.00 higher.  Yearling steers were 2.00 to 3.00 higher and heifers 3.00 to 5.00 higher.  Demand was moderate to very good, supply was good to very good, and quality average through good for all classes.  Slaughter cows sold steady to 3.00 higher with good demand and slaughter bulls steady to 1.00 higher with good demand.   Higher CME futures and cooler weather affected both supply and demand this week.

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