Market Closes - April 17, 2014

Posted on Apr 17, 2014
CBOT futures closed mostly lower going into the 3-day weekend.  Warmer weather should increase corn planting although rainfall is expected to be above normal.  Soy futures dropped on fund selling as traders took profits.  China’s apparent cancellation of soybean imports suggests some caution is warranted in the soy complex.  World supplies are abundant as Brazil’s harvest nears the end.

Cattle futures closed sharply lower in the nearby contracts on $1-2/cwt cash market losses.  Surprisingly, boxed beef values were stronger today: Choice up 2.13 at 225.88; Select up 0.96 at 215.43/cwt.  Profit-taking may have also been a factor going into the long weekend.

Lean hog futures closed higher, extending this week’s uptrend.  However, the FOB Plant Pork dropped 1.08 to close at 120.08/cwt on weaker belly and rib values.

Treasury yields rose sharply today even as the US stock market ended little changed. An apparent agreement de-escalating the Ukraine situation caused investors to move out of “safe” investments.

Reminder: CBOT and CME futures are closed on Friday with CBOT opening Sunday evening.

Corn May -3 495; Jly -3 500; Dec -2 497 Bean May -5 1514; Jly -6 1502; Nov +2 1239 Meal may -3 488; Oct +2 388 Oil -30 4341 Wheat May +3 691; Jly +4 699 KC +4 765; MGE +5 740 Oats -1 404 Rice -2 1536

LC Apr -155 14420; Jun -125 13437; Oct -47 13737 FC May -185 17805; Aug -157 18140; Nov -92 18067 LH May +62 12350; Jun +105 12482; Oct +20 9930 Milk May +14 2214; Jun -1 2037

US$ unch

Dow -16 16409 SP +3 1865 NAS +9 4096 Tran +43 7634 VIX -.82 13.36

WTI +65 10368 Brent +15 10975 Gas +1 305 NG +20 473 HO unch 301 Eth +2 219

2-yr +.02 0.40% 5-yr +.08 1.73% 10yr +.08 2.72% 30yr +.06 3.52% 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here

Tagged Post Topics Include: Economics, Market updates