Market Closes - August 28, 2014

Posted on Aug 28, 2014
CBOT futures closed mostly higher except for the volatile September Soybean contract. Wheat was the early leader on concerns about the Ukraine/Russia conflict. However, wheat closed 7-8 cents off the day’s highs, but has positive technicals that could keep the buying going ahead of the long weekend. New-crop soybeans garnered strength from this morning’s USDA Export Sales report which was better than expected. Also, continued heavy rains in the central Corn Belt could begin to be detrimental. December Corn continues to move in a sideways trading range of 3.60-3.80.

Cattle futures closed sharply higher despite weakness in boxed beef values. Choice down 0.52 at 246.89; Select down 2.33 at 235.27/cwt. The August LC contract expires tomorrow, so October LC will become the nearby contract and is at a $4+ discount. October LC has a chart gap at 152.85-152.95 which is also in the area of a 50% retracement level for the July-August collapse. August Feeder Cattle futures expired today.

Lean Hog futures closed lower but well above the day’s lows. Early weakness was tied to Wednesday’s late-day collapse in the pork cutout. Today, pork values rebounded slightly. FOB Plant Pork cutout rose .44 to 100.62/cwt.

Corn Sep +6 362; Dec +4 369; Dec’15 +2 409 Bean Sep -12 1074; Nov +5 1029; Nov’15 +3 1039 Meal Sep +17 433; Dec +4 349 Oil -3 3264 Wheat Sep +9 556; Dec +9 572; Jly +6 605 KC +7 635; MGE +2 612 Oats +1 361 Rice -11 1268

LC Aug +145 15465; Oct +227 15010; Apr +192 15360 FC Aug +42 21857 (last day); Sep +267 21715; Mar +180 20787 LH Oct -45 9547; Dec -12 9037; Apr -7 9107 Milk Sep -9 2389; Oct -40 2265

US$ steady

Dow -42 17080 SP -3 1997 NAS -12 4558 Tran -23 8405 VIX +.27 12.05

WTI +75 9463 Brent -23 10249 Gas steady 259 NG +5 405 HO -1 285 Eth +3 219

Gold +7 1290 Slvr +4 1945

2-yr -.012 0.504% 5-yr -.021 1.631% 10yr -.023 2.338% 30yr -.034 3.075%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.

Tagged Post Topics Include: Economics, Market updates