Market Closes - July 13, 2015 - Kentucky Farm Bureau

Market Closes - July 13, 2015

Posted on Jul 13, 2015
Corn and soybean futures closed higher on heavy fund buying due to the continued excessive rainfall, especially in the Eastern Corn Belt and Ohio Valley. However, USDA’s ratings do not show a nationwide drop in the condition of the corn crop. But soybeans are rated only 62% good/excellent, down from 82% a year ago. Despite corn’s better rating of 69%, it’s the commodity which is hitting new highs for this summer, and now surpassing last winter’s highs. If weather turned more normal, prices may be pressured.

Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 69% 9% Last Week 69 8 Year Ago 76 5

Soybean Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 62% 11% Last Week 63 9 Year Ago 82 6

Wheat Harvested This Week 65% Last Week 55 Year Ago 68

Pasture Conditions 65% good/excellent vs 9% poor/v.poor

Cattle futures closed lower as the market’s fundamentals look weak and the charts are trending lower. Choice beef dropped .98 to 236.00 and Select fell 1.29 to 232.70/cwt.

Lean Hog futures closed higher after a volatile market opening which saw sell-stops taking the market down sharply; however, prices quickly began to recover with prices rising the rest of the day. The fundamentals are shifting more positive with FOB Plant Pork closing UP 1.24 to 82.03/cwt on strong loin and rib values.

Corn Sep +6 441; Dec +7 452 Bean Aug +5 1037; Nov +6 1028 Meal Aug +1 357; Oct unch 348 Oil +32 3274 Wheat Sep unch 576; Dec -1 582 KC -5 567; MGE -10 597 Oats -2 256 Rice -15 1070

LC Aug -87 14660; Oct -70 14972; Feb -5 15232 FC Aug -2 21122; Oct -25 20775; Jan -57 20092 LH Jly +10 7907; Oct +47 6292; Dec +7 5917 Milk Jly -11 1636; Aug -32 1624

 

US$ +.8% Dow +217 17978 SP +23 2100 NAS +74 5072 Tran +88 8290 VIX -2.93 13.90 -17.4%

WTI -68 5206 Brent -80 5793 Gas -8 194 NG +10 287 HO-2 172 Eth +1 165 Gold -1 1157 Slvr -1 1547

2-yr +.024 0.677% 5-yr +.038 1.714% 10yr +.032 2.446% 30yr +.017 3.226%

Lexington Auction Weighted Average Report for 07/13/2015 Receipts: 508 Last Week: 387 Year Ago: 811 Compared to last week steer calves sold steady with good demand in a light test. Heifer calves sold steady to 3.00 higher on good quality middleweight 400-600 lb offerings . Yearlings untested. Quality was average through good. Slaughter cows and slaughter bulls sold steady with good demand. Light demand for low dressing lean cows.

21 replacement cattle, 60 slaughter cattle, and 427 feeder cattle. Today's supply included 42.6 percent that weighed over 600 lbs. 22.9 percent steers and 28.4 percent bull calves 7.0 percent Holstein Steers and 29.6 percent heifers of total recorded feeder supply. 45 head of slaughter cows with 93 percent going to slaughter. 15 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates


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