Market Closes - August 6, 2013
Posted on Aug 6, 2013Wheat futures posted strong closes, shaking off the bearish effect of lower corn futures. With wheat harvest winding down and active global wheat trade, possibly some of the large SHORT position may be getting liquidated. Cattle futures managed small gains today despite lack of cash cattle trade and several loads of cattle “delivered” against AUGUST FUTURES. Boxed beef also firmed today with Choice up 0.71 at 187.17; Select up 0.36 at 180.90/cwt. LEAN HOG futures kept trucking today with AUGUST hitting a new high and the OCTOBER trying to keep its discount to cash from getting bigger. Thanks to higher pork belly prices, the Fob Plant Pork Cutout jumped 79 cents to $105.35/cwt. The bacon cheeseburgers must be selling! But beware that the seasonal trend is for belly price to peak in August. Financial markets responded to two Federal Reserve officials indicating that tapering might come sooner than some thought. The jump in VIX indicates more “worry” among investors.
Corn Sep +3 472; Dec -1 459; Jly -1 486
Bean Sep -14 1193.5; Nov -16 1167; Jly -15 1185 Meal Sep -5.5 372; Dec -6 346 Oil -61 4221
Wheat Sep +5 650; Dec +5 663; JLY +6 675 KC +6 702; MGE +6 739
Oats +4 340
Rice -6 1569
LC Aug +37 12092; Oct +12 12467; Feb +22 12907 FC Aug +27 15425; Oct +72 15987; Jan +65 15965 LH Aug +32 10055; Oct +95 8645; Feb +57 8480 Milk Aug -1 1795; Sep -64 1775
US$ -.3%
Dow -93 15519 SP -10 1697 NAS -27 3666 Tran -85 6516 VIX +.88 12.72 (+7.4%)
WTI -86 10570 Brent -49 10821 Gas -3 292 NG -2 330 HO -4 301 Eth +2 220
Gold -21 1281 Slvr -27 1944
2-yr unch 0.31% 5-yr unch 1.39% 10yr unch 2.64% 30yr unch 3.73%
EPA Finalizes 2013 Renewable Fuel Standards This regulatory action establishes the 2013 annual percentage standards for the Renewable Fuels Standard (RFS) program for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel. These standards apply to all gasoline and diesel produced or imported in 2013.
The Environmental Protection Agency (EPA) is also providing additional lead time to obligated parties to demonstrate compliance with the 2013 standards by extending the compliance deadline from February 28, 2014 to June 30, 2014.
EPA anticipates that in the 2014 proposed rule we will propose adjustments to the 2014 volume requirements, including the advanced biofuel and total renewable fuel categories to account for limits on E10 fuel consumption.
FACT SHEET: http://www.epa.gov/otaq/fuels/renewablefuels/documents/420f13042.pdf KENTUCKY CASH GRAIN BIDS – Click Here
Tagged Post Topics Include: Economics, Market updates
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