- CBOT Wheat September 2018
For Thursday, the 484.25 formation can absorb weekly selling pressures, above which 529.75 is attainable over the next several weeks.
- Lean Hog Discount Likely Overdone
Cash was lower yesterday and will likely come in soft/lower again today.
- Consolidation Ignites Talk of Possible Bottoming Action
Consolidation Ignites Talk of Possible Bottoming Action
Agricharts Market Commentary
Lean hog futures are posting 15 to 25 cent gains in the front months at midday. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 25 cents on Thursday morning at $82.60. The loin and butt were only primal cuts reported higher. The national base carcass price was $69.22 in the Thursday AM report, down $1.35 from the day prior. USDA estimated weekly FI hog slaughter at 1.353 million head through Wednesday. That is 59,000 head above last year, but down 4,000 head from the week previous. Pork export sales for the week that ended 7/12 were totaled at 19,735 MT.Aug 18 Hogs are at $67.375, up $0.175,Oct 18 Hogs are at $52.150, up $0.225Dec 18 Hogs are at $47.175, up $0.150
Live cattle futures are showing mixed trade at midday, with nearby Aug 2.5 cents higher. Feeder cattle futures are steady to 50 cents lower on Thursday. The CME feeder cattle index was up 22 cents from the previous day at $148.59 on 7/17. Wholesale boxed beef values were higher again on Thursday morning. Choice boxes were up 21 cents to $205.01, while Select boxes were 27 cents higher at $197.36. Estimated FI cattle slaughter was 355,000 head through Wednesday. That was up 12,000 from the same week last year but down 4,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Bids are currently being seen at $108 this morning, despite sales of $112 on Wednesday’s FCE.Aug 18 Cattle are at $108.975, up $0.025,Oct 18 Cattle are at $110.550, down $0.100,Dec 18 Cattle are at $114.450, up $0.250,Aug 18 Feeder Cattle are at $154.400, down $0.050Sep 18 Feeder Cattle are at $154.625, down $0.025Oct 18 Feeder Cattle are at $154.725, unch,