Market Closes - April 29, 2014

Posted on Apr 29, 2014
Corn, soybeans, soybean meal and the 3 wheat contracts all closed strongly higher and near the day’s highs. Soybean meal and KC/MGE wheat traded to new highs for 2014. The technical picture is looking quite positive, especially if the other contracts break 2014 highs. November Soybeans are close to breaking through trend line across the 2012 and 2013 highs; this would point to the $13.00 level.

CBOT futures keep rising as there’s little reason for significant selling to occur as the large funds are major longs and will support that position (until they don’t). The slow corn planting progress and unfavorable weather in the foreseeable future keep risk premium in corn futures. Tonight’s 6-14 day outlook from NWS does push the cold to the northern Corn Belt but it’s still going to be wet.  Tight old-crop soybean supplies support the old-crop soy contracts and drag the new-crop ones higher. November Soybeans have rallied $1.60 off the winter low.  KC Wheat is leading the wheat markets higher as traders worry about wheat yields in the Plains.  A crop tour is traveling Kansas this week and reporting their findings.

Cattle futures closed narrowly mixed with little new information to drive prices.   Choice and Select beef went in opposite directions today with spread out to nearly $14/cwt. Choice carcasses up 1.19 at 234.36; Select down 1.15 at 220.42/cwt.  Feeder Cattle futures have been very strong so if CBOT futures start rising, FC could see a correction.

Lean Hog futures closed strongly higher except for the nearby May LH contract which is weighed by the weak cash hog and pork markets. FOB Plant Pork down 3.34 to 115.07/cwt with Belly down 13.22 to 137.40, loin down 2.67 to 121.91 and picnic down 3.32 to 100.37.   The May LH contract is also at a strong premium to the cash market.

Corn May +8 516; Jly +8 521; Dec +5 512 Bean May +16 1524; Jly +17 1517; Nov +9 1248 Meal may +3 500; Jly +6 491; Oct +3 396 Oil +15 4277 Wheat May +8 708; Jly +8 716 KC +16 802; MGE +8 761 Oats unch 422 Rice +17 1562

LC Apr +10 14550; Jun +20 13702; Oct -22 14032 FC May -52 18057; Aug +20 18655; Oct +12 18702 LH May -70 12027; Jun +105 12527; Oct +150 10370 Milk May -7 2250; Jun +17 2082

US$ +.1%

Dow +87 16535 SP +9 1878 NAS +29 4104 Tran +33 7617 VIX -.26 13.71

WTI +44 10128 Brent +69 10881 Gas +2 306 NG +15 479 HO +2 297 Eth +2 230

Gold -3 1296 Slvr -18 1941

2-yr +.01 0.44% 5-yr +.01 1.74% 10yr +.02 2.695% 30yr +.03 3.49% Blue Grass Stockyards Cattle Report for 04/29/2014 Receipts:  1155   Last Tuesday:  1303   Year Ago:  1720

Compared to Monday’s sale steer and heifer calves sold steady with very good demand.  Quality was good through attractive. Yearling steers no comparison with yesterday however compared with last week sold 4.00 to 5.00 higher with very good demand.  Yearling heifers limited comparison.  Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 04% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 95% feeders.  Feeder supply 72% steers, 06% bulls, 22% heifers with 77% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates