CBOT futures traded nearly as crazy as yesterday’s market with wide trading ranges.  The net result was varied.  Corn futures gave back yesterday’s gains and more, as did wheat. Corn and wheat futures traded to new lows. Soybean futures rallied in the morning, but sold off by the close to manage only narrow gains in nearby contracts.  The AUGUST soy complex contracts expire tomorrow.

Today’s market weakness may be due to a slight improvement in rain chances for parts of the Corn Belt and by Monday’s bullish traders having second thoughts about just how bullish the corn production estimate is – the 2013/14 ending stocks estimate is still 1.1 billion bushels larger than this crop year’s ending stocks of 719 million.

Cattle futures closed higher but well off the day’s highs which came in overnight trade.  The early support was follow-through buying from Monday’s sharp gains in Live Cattle futures and in the Choice beef cutout value.

Lean Hog futures closed higher with the August hitting new highs ahead of tomorrow’s contract expiration.

U.S. Treasury yields soared today to near 2-year highs.  Traders sold Treasury bonds as they increased the odds that the Federal Reserve will begin tapering its quantitative easing program in September amid signs the European and US economies are improving.  Rising interest rates helped strengthen the US dollar’s value – the dollar has gone up for 3 straight days but remains in a downtrend started a month ago.

Corn Sep -17 455; Dec -17 447 (446-469)

Bean Sep +1 1258; Nov +2.5 1228 (1221-1240) Meal  Sep -1 402; Dec +1 373 Oil +24 4262

Wheat Sep -7 628 (626-643); Dec -7.5 641.5; JLY -8 662 KC -4 696; MGE -4 732

Oats -1 361

Rice +4 1506

LC Aug +30 12390; Oct +67 12807; Feb +40 13132 FC Aug +35 15385; Oct +55 16017; Jan +67 15980 LH Aug +40 10180; Oct +32 8652; Dec +20 8325 Milk Aug +4 1811; Sep +6 1794

US$ +.4%

Dow +31 15451 SP +5 1694 NAS +14 3684 Tran -42 6452 VIX -.50 12.31 -3.9%

WTI +49 10660 Brent +67 10964 Gas +4 294 NG -1 330 HO +2 304 Eth -2 214

Gold -13 1321 Slvr +9 2143

2-yr +.02 0.34% 5-yr +.09 1.48% 10yr +.10 2.72% 30yr +.07 3.76%

KENTUCKY PEST NEWS - University of Kentucky http://www2.ca.uky.edu/agcollege/plantpathology/extension/kpnindex.htm

 

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