Market Closes - July 1, 2014

Posted on Jul 1, 2014
CBOT futures closed lower but in the upper part of the day’s trading ranges. Funds continue to sell corn and soybeans to shrink their long positions following the bearish USDA reports. December Corn hit a new contract low today and closed at a new low. The weekly continuation chart has support at $4.06. November Soybeans bottomed at 11.32 today which is near the upper end of chart support. In soybeans, old crop contracts are doing better than new-crop.

Cattle futures closed sharply higher with Feeder Cattle futures posting limit-up $3.00 gains. This helped to erase Monday’s losses. Choice beef up .49 to 247.77 and Select up 1.51 to 240.42. Hog traders lost their enthusiasm today with the July and August LH contracts dropping sharply. Cash pork values also fell hard with FOB Plant Pork down 2.89 to 130.64/cwt on sharply lower ham prices. Deferred LH futures did extend Monday’s gains but closed near the day’s lows.

Corn Sep -3 416; Dec -2 423 Bean Aug -2 1328; Sep -10 1184; Nov -10 1147 Meal Aug -1 430; Oct -4 365 Oil +2 3897 Wheat Sep -5 572; Dec -3 595 KC Sep -11 689; MGE -7 670 Oats Sep +13 337 Rice Sep -4 1353

LC Aug +142 15150; Dec +165 15537; Apr +140 15620 FC Aug +300 limit 21577; Oct +300 21727; Mar +300 21030 LH Jly -160 13105; Oct +25 11415; Dec +125 9985 Milk Jly -10 2115; Aug -63 2055

US$ steady Dow +129 16956 SP +13 1973 NAS +50 4459 Tran +59 8262 VIX -.42 11.15 -3.6%

WTI -9 10528 Brent -30 11206 Gas -2 308 NG -2 444 HO -3 297 Eth -4 209

Gold +5 1327 Slvr unch 2101

2-yr +.012 0.468% 5-yr +.034 1.659% 10yr +.050 2.566% 30yr +.060 3.400%

Blue Grass Stockyards Cattle Report for 07/01/2014 Receipts: 789 Last Tuesday: 1036 Year Ago: no sale Compared to Monday steer and heifer calves sold steady with good demand. Quality was average through good. Yearling steers sold steady in a limited comparison. Yearling heifers sold 2.00 higher in a limited comparison. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 05% slaughter cows, 01% slaughter bulls, 01% replacements and 93% feeders. Feeder supply 49% steers, 08% bulls, 43% heifers with 56% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates