Market Closes - January 13, 2014

Posted on Jan 13, 2014
CBOT futures closed mostly higher after corn and soybeans started the day weaker.  Soybeans and meal rallied after some positive soybean export news came out. These commodities made another leg higher when the Argentinian weather forecast turned warmer/drier. March Soybean topped out at Friday’s highs. Corn futures saw more volatility but ended the day higher on heavy volume.

CBOT wheat futures closed slightly higher on export sales business that indicates US soft wheat is competitive with EU supplies. KC and MGE wheat futures closed lower with new contract low prices on further pressure from Friday’s USDA grain stocks report and news that Argentina gave permission to export some wheat.  This will take away from US HRW wheat sales to Brazil.

January Soybeans, meal and soybean oil end trading tomorrow.  This along with the end of the large funds rebalancing their positions should focus the market on fundamentals and South American weather.

Cattle futures had wide trading ranges and posted the day’s highs right at the opening bell. Cash cattle and boxed beef set record highs last Friday with beef going even higher today.  Choice up 1.96 at 216.94; Select up 3.18 at 214.76/cwt.  The February LC contract is almost $3/cwt discount to cash.

Lean Hog futures closed slightly lower as pork values weakened and the February LH contract remains at a sharp premium to cash carcass values.

Corn Mar +2 434; Jly +2 449; Dec unch 458 (454-60) Bean Mar +16 1294; Jly +15 1261; Nov +14 1114 (1097-1117) Meal Mar +8 422; Oct +8 349 Oil -39 3784 Wheat Mar +4 573; Jly +6 587 (582-88) KC -6 620;  MGE -3 618 Oats +6 393 Rice -1 1563

LC Feb -10 13660; Apr +10 13707; Jun -22 13002 FC Jan -82 16782; Apr -105 16750; Aug -97 16970 LH Feb -45 8537; Apr -62 9037; Jun -20 10070 Milk Jan +16 2066; Feb +22 2043

US$ -.1%

Dow -179 16258 SP -61 4113 NAS -61 4113 Tran -104 7362 VIX +1.14 13.28    +9.4%

WTI -115 9157 Brent -81 10644 Gas -4.5 262.5 NG +25 430 +6% HO -1 293 Eth -1 195

Gold +5 1252 Slvr +19 2041

2-yr -.01 0.37% 5-yr -.03 1.60% 10yr -.03 2.83% 30yr -.03 3.78%

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates