Market Closes - July 10, 2014

Posted on Jul 10, 2014
CBOT futures continue marching lower as the large funds sell on expectations of plentiful crop supplies in the year ahead. Prices closed near the day’s lows. Weather is favorable for corn and soybeans but winter wheat has incurred some quality losses due to wet conditions.

Tomorrow at Noon Eastern, USDA will release its Crop Production and WASDE reports. Traders expect ending stocks forecasts to increase. See the table at the end of this message.

Given the negative price action in grains, energy and equities, it looks like livestock traders thought it was prudent to lock in profits now. Feeder Cattle futures locked limit down the $3.00 limit due to the extreme rise seen the past 5 months – the August FC contract went from $170 to $220 and now sits below $211.

Although cash cattle prices have traded down $2/cwt this week, boxed beef continued higher today with Choice up 1.60 252.17 and Select up 1.26 to 243.52.

FOB Plant Pork closed down .62 to $134.76. Cash hog prices did fall sharply today.

Corn Sep -5 386; Dec -5 393 Bean Aug -14 1233; Sep -10 1122; Nov -11 1093 Meal Aug -7 399; Oct -5 353 Oil +34 3748 Wheat Sep -3 548; Dec -4 570 KC -6 647; MGE -6 641 Oats -1 337 Rice unch 1345

LC Aug -265 14815; Oct -282 15072; Feb -152 15187 FC all contracts down the $3 limit. Aug 21060; Oct 21187; Mar 20525 LH Aug -165 12795; Oct -245 11295; Feb -50 9790 Milk Jly +8 2138; Aug +21 2056

US$ +.1%

Dow -71 16915 SP -8 1965 NAS -23 4396 Tran -19 8226 VIX +.94 12.59 +8%

WTI +59 10288 Brent +33 10861 Gas +2 296 NG -5 412 HO +2.5 290 Eth -3 212.5

Gold +12 1336 Slvr +39 2145

2-yr -.044 0.456% 5-yr -.021 1.653% 10yr -.009 2.538% 30yr +.012 3.371%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates