Market Closes - April 24, 2014

Posted on Apr 24, 2014
Corn and Wheat traveled similar paths today with much different closing price changes.  Both sold off at the 830 am CT opening of electronic trade, began to rally a half hour later, peaked about 10:15 am and moved lower the rest of the day. In contrast, soybean futures dropped at the 830 opening and spent most of the day rallying with a sharp jump at the closing bell to finish near the day’s highs.

Wheat futures posted the best gains as weather forecasts do not give hope of significant rains to boost the drought-plagued crop. Rising tensions along the Russia/Ukraine border could threaten grain exports from that region.

Corn has been rising this week on slow planting progress and cool, wet conditions forecasted. Farmers will make headway if provided windows and eventually this worry over planting will pass; after that what’s going to hold price up?

Soybean futures traded both sides in fairly narrow price ranges on a lack of fresh news.

On Friday, the May CBOT Options for grains and soy contracts expire.  Also USDA will release the monthly Cattle on Feed report.

Live cattle futures closed higher and extended the gains in afternoon electronic trading.  Today’s support came from Wednesday’s beef value gains that continued into today. Choice Beef gained 1.16 to 233.80 and Select beef gained 1.40 to 222.07/cwt.  Feeder futures made sharp gains ahead of tomorrow’s Cattle on Feed report. June and later FC contracts set new contract highs.

Lean Hog futures closed pit trading lower and kept dropping in afternoon electronic trade. Pressure originated from Wednesday’s late-day drop in pork value which kept dropping today.  FOB Plant Pork dropped .71 to 116.70 on lower loin and rib values and stronger ham prices.  May Lean Hog futures has resistance at $124.

Corn May -2 501 (499-507); Jly -2 507 Dec -2 503 (500-09) Bean May +3 1472 (1464-74); Jly +5 1470 Nov +3 1231 (1219-32) Meal May +2 480; Oct +2 388 Oil +9 4259 Wheat May +12 689; Jly +14 696 (678-703) KC +15 765; MGE +13 739 Oats -7 402 Rice +16 1540

1:00 pm CT Pit Closing Prices for LC, FC and LH. LC Apr +32 14425; Jun +75 13585; Oct +25 13887 FC May +97 17960; Aug +160 18405; Oct +147 18425 LH May -107 12290; Jun -70 12555; Oct -5 10230 Milk May +47 2288; Jun +55 2088

US$ -.14%

Dow unch 16502 SP +3 1879 NAS +21 4148 Tran -32 7710 VIX +.05 13.32

WTI +50 10194 Brent +129 11040 Gas -1 309 NG -4 469 HO +3 301 Eth -5.5 221

Gold +8 1293 Slvr +21 1965

2-yr +.004 0.446% 5-yr +.03 1.74% 10yr unch 2.68% 30yr -.01 3.46%

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Tagged Post Topics Include: Economics, Market updates