Market Closes - July 16, 2014

Posted on Jul 16, 2014
Corn and soybean futures closed higher but well off the day’s highs that came right after 830 am when USDA announced export sales. It’s not surprising to see a bounce after prices have fallen so far for so long (Oversold). Also the weather and yield expectations are about as good as it gets so it’s hard to have new information that’s bearish.

Cattle futures closed the PIT trade lower due to concerns about the cash cattle and beef markets. But late afternoon electronic trading saw futures rally strongly with August and October posting gains. Choice 1-3 600-900 lbs carcasses up 0.29 at 250.82; Select 1-3 600-900 lbs carcasses dn 0.60 at 242.86.

Lean Hog futures closed mixed with the nearby August near steady as the cash hog market is 3-4 cents premium to futures. FOB Plant Pork finished up .71 at 135.89/cwt on higher loins and weaker bellies.

Corn Sep +4 378; Dec +5 387 (382-94); Dec’15 +4 424 Bean Aug +7 1187; Nov +16 1102 (1086-1108); Nov’15 +11 1107 Meal Aug +5 384; Oct +9 358 Oil -7 3683 Wheat Sep unch 538; Dec +1 562; Jly +1 609 KC -2 637; MGE -2 628 Oats +5 339 Rice +12 1299

LC Aug -90 14767; Dec -45 15205; Apr -67 15192 FC Aug -170 20982; Oct -110 21067; Mar -192 20262 LH Aug -20 13052; Oct -87 11507; Feb +12 9900 Milk Jly +4 2150; Aug +32 2134

US$ +.2%

Dow +78 17138 NEW RECORD SP +8 1982 Record is 1986 set on July 3 NAS +10 4426 Tran +52 8397 VIX -.96 11.00 -8%

WTI +157 10153 Brent -17 10585 Gas -2 288 NG +1 411 HO unch 286 Eth unch 210 Gold +2 1300 Slvr -7 2082

2-yr +.012 0.488% 5-yr +.005 1.696% 10yr -.020 2.530% 30yr -.026 3.340%

 

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Tagged Post Topics Include: Economics, Market updates