Market Closes – September 14, 2015

CBOT futures closed higher on follow-through buying from Friday’s generally positive reaction to the USDA Crop Report. Wheat was the best performer as traders covered short positions in light of the rising corn market and news of a freeze in Brazil. Traders generally expect corn and soybean yields to prove smaller than the current USDA forecasts. Tonight’s crop condition reports show corn’s rating unchanged from a week ago, while soybean’s rating slipped a couple points. News reports seem to indicate “disappointing” yields, but time will tell.

As of September 13, 2015
Corn Conditions – 18 States
. Good/Excellent Poor/V.Poor
This Week 68% 10%
Last Week 68 10
Year Ago 74 7

Corn Harvested
5% this week vs 4% year ago and 9% for 2010-14 average.

Corn Mature
35% this week vs 25% year ago and 40% for 2010-14 average.

Soybean Conditions – 18 States
. Good/Excellent Poor/V.Poor
This Week 61% 12%
Last Week 63 11
Year Ago 72 6

Soybeans Dropping Leaves
35% this week vs 22% year ago and 31% for 2010-14 average.

Pasture Conditions
47% good/excellent vs 19% poor/v.poor

Cattle futures closed slightly higher except for nearby Feeder Cattle. Today’s futures tested, or even broke below, Friday’s lows before rallying. Cattle futures charts show well-defined chart support which some contracts bounced off. Cash steers and the Oct LC contract are closely priced. Boxed beef was weaker today; Choice carcasses down 0.95 at 235.14; Select down 1.04 at 225.69.

Lean Hog futures closed lower in the front 4 contracts with futures adding to Friday’s losses. FOB Plant Pork gained .14 to 84.80.

Financial markets are on edge due to the Federal Reserve meeting this week which may or may not lead to an increase in the Fed Funds Rate (0.25 basis point discussed).

Corn Dec +6 393; Jly +6 416; Dec16 +4 414
Bean Nov +10 884; Jly +10 893; Nov16 +10 876
Meal +3 314
Oil +28 2693
Wheat Dec +16 501; Jly +15 519 (504-19)
KC +14 496; MGE +13 525
Oats +3 233
Rice +16 1299

LC Oct +87 14147; Feb +60 14337; Apr +37 14215
FC Sep -55 20015; Oct -30 19480; Jan +12 18747
LH Oct -50 6682; Dec -40 6225; Feb -27 6637
Milk Sep -6 1591; Oct -15 1586

 

US$ steady
Dow -62 16371
SP -8 1953
NAS -17 4806
Tran -36 8016
VIX +1.05 24.25 +4.5%

WTI -47 4416
Brent -167 4647
Gas -6 131
NG +7 276
HO -4 151
Eth +2 151
Gold +4 1107
Slvr -11 1439

2-yr +.025 0.734%
5-yr +.005 1.511%
10yr +.002 2.185%
30yr +.012 2.956%

Kentucky Weekly Livestock Summary for the week of Sep 7-Sep 12, 2015.
Receipts
This Week Last Week Last Year
9,486 12,779 20,557
With a limited comparisons available due to the Labor Day holiday on Monday, steer and heifer calves sold mostly steady to 3.00 lower with moderate to good demand for a plain through average offering. Yearlings sold steady to 3.00 lower with light to moderate demand. Slaughter Cows were unevenly steady with moderate demand and Slaughter Bulls Steady to weak with light to moderate demand.

Supply consisted of 7 percent slaughter, 3 percent replacement, and 90 percent feeder cattle. In the feeder supply, steers made up approximately 38 percent and heifers approximately 38 percent. Steers and heifers over 600 lbs totaled approximately 48 percent.

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