Market Closes - April 28, 2014 - Kentucky Farm Bureau

Market Closes - April 28, 2014

Posted on Apr 28, 2014
CBOT futures closed mostly steady except for old-crop soybeans and soybean meal which posted strong gains. There’s support coming from weather being unfavorable for planting corn.  The 6-14 day forecasts calls for below normal temperatures across the entire northern Midwest and above-normal rainfall in the eastern Corn Belt.  Tonight’s planting report puts corn at 19 percent complete – 2 points shy of what the trade expected.  Progress is likely to fall farther behind the 5-year average. It’s possible that corn futures will test the early April highs (December @ 5.17).

The main feature today was bull spreading in the soy complex. A strong export inspections report for last week lifted old-crop.  Central Illinois Soybean Processor Soybean Basis rose 3-5 cents today.

In Wheat today, CBOT lagged gains made in the KC and MGEX contracts.   The HRW wheat crop is at much greater risk from the drought and relief is not in sight.

Corn Planting Progress .    4/27/14   5-yr average U.S.    19%        28% KY      32%        44%

Soybean Planting Progress U.S.     3%         4% KY       1%         4%

Winter Wheat Conditions – 18 States .        Good/Excellent  Poor/V.Poor This Week       33%           34% Last Week       34%           33% Last year       33%           35%

Live Cattle futures closed pit trade higher but well off the day’s highs. The April contract weakened during the afternoon to close unchanged.  The bullish enthusiasm from Friday’s Cattle on Feed Report wore off when boxed beef values didn’t respond.

Choice carcasses up 0.34 at 233.17; Select down 0.07 at 221.57/cwt.  The April contract expires Wednesday.

Lean Hog futures closed mixed after starting much lower on follow-through from last Friday’s weak cash markets. But strong pork markets supported the April LH contract to keep it in the $120-124 trading range. FOB Plant Pork closed up 2.28 at 118.41/cwt.

The Federal Reserve Open Market Committee meets the next two days with news coming out Wednesday afternoon.

Corn May +1 508; Jly +1 514; Dec +1 507 Bean May +10 1508; Jly +6 1500; Nov -1 1239 Meal may +6 497; Oct unch 393 Oil -30 4262 Wheat May unch 700; Jly unch 708 KC +7 786; MGE +4 753 Oats +20 422 Rice +3 1545

LC Apr +40 14540; Jun +5 13682; Oct +87 14055 FC May +110 18110; Aug +172 18635; Oct +177 18690 LH May +5 12097; Jun -30 12422; Oct +42 10220 Milk May -13 2257; Jun -17 2066

US$ -.1%  79.70

Dow +87 16449 SP +6 1869 NAS -1 4074 Tran -2 7584 VIX -.09 13.97

WTI +30 10090 Brent -141 10817 Gas -3 304 NG +16 480 HO -3 295 Eth +2 228

Gold -5 1296 Slvr -12 1957

2-yr unch 0.44% 5-yr +.02 1.75% 10yr +.04 2.71% 30yr +.054 3.494%

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Tagged Post Topics Include: Economics, Market updates


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