Market Closes - April 8, 2014

Posted on Apr 8, 2014
CBOT futures went from mixed at midday to all contracts showing gains by the closing bell as the funds were buyers across the board.  Soybean oil futures made a dramatic switch from red to green and helped the May/Jly Soybean contracts close up sharply.  The gradual all-day rally may be traders anticipating a bullish USDA WASDE report at 11 am CT tomorrow.  Average trade guesses for 2013-14 ending stocks are:

Corn  1.403 billion bushels vs USDA’s 1.456  last month. Soybeans  139 million bushels vs USDA’s 145 last month. Wheat  578 million bushels vs USDA’s 558 last month.

Winter Wheat in 18 Selected States is rated 35% good/excellent (36% year ago) and 29% poor/very poor (30% year ago). TX/OK/CO have the most poor/v.poor wheat at 61%, 48%, and 33% respectively.   KENTUCKY is not part of the above statistics, but is rated 10% poor/v.poor and 58% good/excellent.

Cattle futures managed small gains in a narrow range as the market continued to recover from Friday’s sharp drop. Boxed beef values were quoted higher at midday but by day’s end the Choice cutout was down a dollar while Select was up a dollar. Lean Hog futures resumed the downtrend after Monday’s reprieve.  The funds have been very long livestock futures and the underlying weaker cash markets have squelched their enthusiasm.   Today’s pork values closed out steady with Monday’s quotes. Outside markets were supportive as the US dollar weakened and energy futures moved higher.  Don’t forget the Ukraine situation as a potential market factor.

Corn May +8 507; Jly +8 513; Dec +7 513 Bean May +18 1482; Jly +13 1461; Nov +9 1217 Meal May +4 478; Oct +1 383 Oil +68 4211 Wheat May +5 681; Jly +6 689 KC Jly +3 749; MGE +3 728 Oats +16 435 Rice -1 1557

LC Apr +30 14332; Jun +35 13527; Oct +85 13835 FC Apr +80 17830; May +2 17887; Aug +7 18057 LH Apr -172 12330; Jun -292 11875; Oct -295 9920 Milk Apr +8 2403; May +17 2160

US$ -.6% Dow +10 16256 SP +7 1852 NAS +33 4113 Tran unch 7468 VIX -.68 14.89

WTI +192 10236 Brent +173 10755 Gas +5.5 298 NG +6 453 HO +4 293 Eth -7 228

Gold +10 1308 Slvr +16 2006

2-yr unch 0.40% 5-yr -.005 1.67% 10yr -.01 2.685 30yr -.02 3.54%

Kentucky Crop & Weather Report Agricultural News: The Commonwealth experienced extremely wet conditions over the past week. Precipitation for the week totaled 2.19 inches, 1.2 inches above normal. Temperatures averaged 56 degrees for the week, 4 degrees warmer than normal.

Topsoil moisture was rated 1 percent short, 50 percent adequate and 49 percent surplus. Subsoilmoisture was rated 3 percent short, 65 percent adequate and 32 percent surplus. Days suitable for fieldwork averaged 2.9 out of a possible seven. Primary activities this week included securing supplies and preparing farm equipment for planting, applying fertilizer and herbicide to wheat, and plowing for tobacco when the weather permitted.

Tobacco:   As of Sunday, April 6, 65 percent of the greenhouse and plant bed seedings had been completed compared with 72 percent last year and the five year average of 72.

Small Grains and Legumes:  Fall seeded wheat was in mostly fair to good condition. Winter damage for wheat was estimated at 39 percent light, 16 percent moderate, and 5 percent severe. Condition of the wheat crop was rated 3 percent very poor, 7 percent poor, 32 percent fair, 46 percent good and 12 percent excellent.

Alfalfa freeze damage was reported at 37 percent light, 19 percent moderate, and 3 percent severe. 

Pasture and Hay: Pasture condition was reported as 5 percent very poor, 17 percent poor, 34 percent fair, 39 percent good, and 5 percent excellent. Hay and roughage supplies were rated 5 percent very short, 16 percent short, 70 percent adequate, and 9 percent surplus. A number of farms have lost cattle due to the harsh winter.

Blue Grass Stockyards Cattle Report for 04/08/2014 Receipts:  891   Last Tuesday:  1246   Year Ago:  2001 Compared to Monday’s sale steer calves sold 2.00 to 5.00 higher with good demand.  Heifer calves sold steady to 3.00 higher with good demand.  Quality was average through attractive.  Yearling steers no comparison with yesterday however compared to last week sold 2.00 to 3.00 higher in a limited comparison.  Yearling heifers no comparison with last week’s light test.  Very good demand for yearlings and weaned cattle today.  Slaughter cows and slaughter bulls sold steady to 2.00 higher with good demand. Total supply included 05% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 94% feeders.  Feeder supply 45% steers, 05% bulls, 50% heifers with 66% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates