Market Closes - July 15, 2014

Posted on Jul 15, 2014
CBOT futures closed mostly lower but soybean futures made a strong recovery off the lows which were below last Friday’s lows. A rally in soybean oil appeared to fuel the soybean rebound. Wheat futures closed mixed with the Chicago market closing unchanged and near the day’s highs, KC and MGEX wheat remained lower. The funds are huge shorts in wheat futures.

Cattle futures closed mostly higher but still below Friday’s closing prices. Traders are waiting for more direction from cash markets. Choice Beef down .61 to 250.53 and Select down .96 to 243.46/cwt.

Hog futures were little changed as traders watch hog slaughter numbers and consumer demand for port – domestically and for export. FOB Plant Pork was up .33 to 135.18/cwt. Loin value was up 2.5% and belly value fell over 4%. The carcass value has been pretty steady in the $135 area for several days.

Energy futures and US equities closed well off the day’s lows.

Corn Sep -7 374; Dec -6 382 Bean Aug -16 1180; Sep -4 1104; Nov unch 1086 Meal Aug -9 379; Oct 02 349 Oil +2 3690 Wheat Sep unch 538; Dec unch 561; Jly unch 608 KC -7 639; MGE -9 630 Oats unch 334 Rice -2 1287

LC Aug +77 14857; Dec +25 15250; Apr +65 15260 FC Aug +85 21152; Oct +85 21177; Mar -2 20455 LH Aug +37 13072; Oct +22 11595; Feb -2 9887 Milk Jly +3 2146; Aug +7 2104

US$ +.25%

Dow +5 17061 SP -4 1973 NAS -24 4416 Tran +32 8345 VIX +.14 11.96

WTI -74 10017 Brent -104 10594 Gas -2.5 290 NG -6 409 HO -2 285 Eth -1 210 Gold -11 1295 Slvr -18 2073

2-yr +.016 0.480% 5-yr +.019 1.693% 10yr +.005 2.554% 30yr +.004 3.373%

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Tagged Post Topics Include: Economics, Market updates