Market Closes - July 11, 2014
Posted on Jul 11, 2014Live Cattle futures closed moderately higher, ending what was a very negative week of price action. Cash cattle sold out of feedlots at $2-3/cwt less than last week. The cash price in the mid-150s is still at a nice premium to the August Live Cattle contract. Choice Beef down .38 to 251.79 and Select beef up 1.32 to 244.84/cwt. Feeder Cattle closed lower for the fourth straight day but FC futures rallied late in the day to limit today’s losses. Traders were actively booking profits from their long positions as the extended bull run came to an end – for this week anyway. The consumer will have to keep buying beef even as Choice Beef hits new records.
Lean Hog futures closed higher after having a negative start this morning. Firmness in cash hog prices and pork brought in futures buying at prices $4-6 below the contract highs touched earlier this week. FOB Plant Pork closed up .57 to 135.33.
Corn Sep -8 378; Dec -8 385 (382-95) Beans Aug -37 1196; Sep -22 1099; Nov -18 1075 (1065-97) Meal Aug -11 388; Oct -5 348 Oil -71 3677 Wheat Sep -22 526; Dec -23 548 (547-71) KC -11 636; MGE -13 628 Oats -8 329 Rice -25 1320
LC Aug +97 14912; Dec +60 15300; Feb +97 15285 FC Aug -22 21037; Oct -42 21145; Mar -75 20450 LH Aug +72 12867; Oct +85 11380; Feb +80 9870 Milk Jly +1 2140; Aug +10 2070
US$ +.1% Dow +29 16944 SP +3 1968 NAS +19 4415 Tran +29 8254 VIX -.51 12.08 -4%
WTI -244 10049 Brent -222 10645 Gas -4 291 NG +2 414 HO -2 287 Eth -2 211 Gold +1 1340 Slvr unch 2150
2-yr -.008 0.452% 5-yr -.010 1.640% 10yr -.018 2.516% 30yr -.028 3.337%
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Tagged Post Topics Include: Economics, Market updates
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