Market Closes - July 16, 2013

Posted on Jul 16, 2013
Corn and soybean futures closed higher on a slight decline in crop conditions and less favorable weather outlook. Soybean meal futures posted the largest percentage gains. Weakness in Soybean Oil futures limited gains in Soybean futures; the world vegetable oil market is weighed down by the palm oil market.

CBOT corn and soybean futures traded higher overnight, sold off midday, but rallied into the close.  Wheat futures also came off the midday lows but only got back to even money.  The advancing U.S. harvest and less expensive world wheat supplies are weighing on wheat futures.

The CBOT will remain a WEATHER MARKET for the next several days.

Live Cattle futures weakened slightly as the boxed beef market remains soft and cash cattle trade may not be established until Friday after the Cattle on Feed Report.  Boxed Beef -- Choice down 0.04 at 190.66; Select up 0.41 at 184.35.

Lean Hog futures posted strong gains even as the Pork Cutout held nearly unchanged.  Buying may have been stimulated by today’s CME Group Newsletter estimating pig losses from the PED Virus.  There are no firm estimates, so the late September Hogs and Pigs Report could be interesting.

Financial traders and the public will be listening closely to Chairman Bernanke’s testimony to Congress on Wednesday and Thursday looking for signs of when the monetary easing could be slowed or stopped.

Corn Sep +9 545; Dec +7 511; Dec’14 +4 532 Bean Aug +21 1475; Sep +21 1335; Nov +22 1286 Meal Aug +15 467; Dec +12 389 Oil -13 4571

Wheat Sep unch 669; Dec unch 682; Jly unch 700 KC +3 704; MGE +4 759 Oats +1 354 Rice +9 1526

LC Aug -32 12212; Dec -12 12870; Feb unch 13017 FC Aug -10 15255; Oct +27 15710; Jan +10 15880 LH Aug +75 9630; Oct +65 8535; Dec +80 8250 Milk Jly +2 1737; Aug +37 1802

US$ -.8% Dow -32 15452 SP -6 1676 NAS -9 3599 Tran -47 6422 VIX +.63 14.42

WTI -52 10577 Brent +31 10940 Gas +2 312 NG -1 366.5 HO +2 304 Eth +7 256

Gold +7 1290 Slvr +14 1996

2-yr -.01 0.32% 5-yr unch 1.37% 10yr -.01 2.53% 30yr -.01 3.58% Blue Grass Stockyards Cattle Report for 07/16/2013

Receipts:  996   Last Tuesday:  1,354   Year Ago:  1,048

Compared to Monday steer and heifer calves sold steady with very good demand.  Yearling steers sold steady with good demand.  Yearling heifers limited comparison with yesterday, however very good demand for 600-700 lbs yearlings today.  Quality was plain to good.  Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 05% slaughter cows, 01% slaughter bulls, Less than 1% replacements and 94% feeders.  Feeder supply 58% steers, 07% bulls, 35% heifers with 78% of feeders weighing over 600 lbs.

 

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Tagged Post Topics Include: Economics, Market updates