Market Closes - April 14, 2015

Posted on Apr 14, 2015
CBOT futures closed mixed. Wheat futures were pressured by follow-through selling from Monday’s collapse due to increased moisture conditions in KS/OK/TX. Corn and soybean futures finished about 1 percent higher on technical buying with prices very near key chart support levels. A much weaker US Dollar and higher crude oil futures helped corn/beans rally. The rain system that helps wheat will also keep southeast farmers from planting corn.

Cattle futures closed higher in follow-through buying from Monday’s bullish reversal that put closes near the day’s highs. Last week’s cash trade was at a good premium to April LC and midday beef values were very strong. The afternoon quotes weren’t as strong. Choice carcasses up 0.75 at 258.45; Select up 0.23 at 249.42.

Lean hog futures closed mixed. Weakness in cash hog price and pork cutouts weighed on nearby contracts. The late-day rally in the pork cutout should give the market a lift tomorrow. FOB Plant Pork ended up .51 at 66.48. Ham and belly values were stronger. Technically, deferred LH futures still have uptrends intact.

Corn May +3 373; Jly +3 381; Dec +3 399 (396-400) Bean May +11 960; Jly +11 964; Nov +9 948 (939-50) Meal may +5 314; Oct +3 310 Oil +26 3130 Wheat Jly -4 496 (494-504); Dec -3 520 KC -7 526; MGE -5 561 Oats unch 264 Rice +10 1021

LC Apr +77 15960; Oct +80 14947; Dec +70 15035 FC Apr +95 21320; Aug +95 21275; Nov +87 20950 LH Apr +7 6317; Jun -30 7847; Oct +50 7165 Milk Apr unch 1566; May unch 1560

US$ -.7%

Dow +60 18037 SP +3 2096 NAS -11 4977 Tran -9 8698 VIX -.17 13.77

WTI +163 5354 Brent +98 5891 Gas +5 185 NG +2 253 HO +3 156 Eth +1 156 Gold -7 1192 Slvr -17 1612

2-yr -.024 0.516% 5-yr -.041 1.339% 10yr -.041 1.898% 30yr -.040 2.541%

Tagged Post Topics Include: Economics, Market updates