Market Closes - April 14, 2014

Posted on Apr 14, 2014
CBOT futures closed strongly higher on fund buying as rising tensions in the Ukraine concern traders, as does the slow beginning to corn planting, which this week’s cold weather will not improve. Tonight’s sub-freezing temperatures in the central Plains could damage some wheat. Today’s wheat ratings show slight deterioration on average.

Wheat Condition in 18-States: Good/Excellent: 34% vs 35% last week and 36% year ago. Poor/ V.Poor:  32% vs 29% last week and 31% year ago.

Corn Planting Progress: .                               KY        U.S. April 13, 2014   4%         3% April 13, 2013   6%         2% 2009-13 Avg     17%        6%

 Cattle futures closed mostly higher with feeder cattle reaching new contract highs.  Boxed beef closed mixed with Choice up 0.40 at 222.52; Select down 0.41 at 212.05/cwt.  Cash cattle traded down $1/cwt last week.

Lean Hogs futures closed higher with the June/July/August leading the way up. Anticipation of fewer head coming to market and technical buying (last Wednesday’s bullish key reversal) lifted the market.  Heavier average hog weights (+2.9%) means that pork production is not falling behind.  FOB Plant Pork slipped only 35 cents.

Corn May +4 503; Jly +5 509; Dec +4 503 (497-506) Bean May +13 1476; Jly +16 1463; Nov +5 1220 (1211-21) Meal May +6 479;  Oct unch 384 Oil +16 4226 Wheat May +18 679; Jly +18 687 (672-97) KC Jly +22 748;  MGE +16 726 Oats unch 403 Rice -23 1542

LC Apr +50 14535; Jun +12 13590; Oct -2 13820 FC Apr +50 18000; May +35 18042; Aug +30 18277 LH May +107 12167; Jun +142 12265; Oct +45 9985 Milk Apr +7 2409; May +53 2203

US$ +.3% Dow +146 16173 SP +15 1831 NAS +23 4023 Tran +41 7403 VIX -.92 16.11  -5.4%

WTI -11 10363 Brent +157 10890 Gas +1 303 NG -5 457 HO +4 298 Eth -4 234

Gold +8 1327 Slvr +2 1996

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Tagged Post Topics Include: Economics, Market updates