Market Closes - July 2, 2014

Posted on Jul 2, 2014
Overnight strength in soybean futures disappeared by morning with corn and soybean futures closing lower as selling pressure continues from Monday’s USDA bearish reports. Chicago Wheat closed higher thanks to traders unwinding KC/CBOT spreads. World fundamentals are bearish U.S. wheat prices.

Live Cattle futures closed higher at 1 pm CT, but soared in afternoon electronic trading when traders learned of higher cash prices trading. The August LC contract is up the 3.00 limit. Feeder Cattle prices also soared this afternoon but not limit up. For boxed beef, Choice down 0.47 at 247.66; Select up 0.62 at 240.12/cwt.

Lean Hog futures closed mixed with deferreds relatively stronger. FOB Plant Pork was up 2.53 to 133.17. This recovered the losses posted yesterday as ham price bounced back.

Corn Sep -4 412; Dec -5 418; Dec15 -4 445 Bean Aug -13 1315; Nov -6 1141; Nov15 unch 1149 Meal Aug -3 427; Oct +1 367 Oil -40 3857 Wheat Sep +2 562; Dec +3 598 KC -7 682; MGE -5 665 Oats Sep +10 347 Rice +16 1369

PIT Trade Closes (futures have risen sharply in late-day trade) LC Aug +82 15232; Dec +20 15557; Feb +17 15547 FC Aug +42 21620; Oct +10 21737; Mar +25 21055 LH Jly -25 13080; Oct +95 11510; Feb +165 9435 Milk Jly +8 2131; Aug -27 2042

US$ +.2%

Dow +20 16976 SP +1 1975 NAS -1 4458 Tran -29 8233 VIX -.26 10.89

WTI -109 10425 Brent -126 11103 Gas -2 302 NG -9 436 HO -4 294 Eth +4 207

Gold +1 1328 Slvr +9 2120

2-yr +.023 0.488% 5-yr +.053 1.709% 10yr +.059 2.625% 30yr +.063 3.459% Yields have jumped back near the highs of June: 10yr @2.66%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 07/01/14 Receipts: 1,812 Last Week: 2,578 Year Ago: no sale Compared to last week steer and heifer calves sold mostly steady with good demand on an average through good quality offering. Feeder steers lightly tested and feeder heifers sold steady to 2.00 higher with good demand. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 09% slaughter cows, 02% slaughter bulls, 01% replacements and 88% feeders. Feeder supply 40% steers, 14% bulls, 46% heifers with 50% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates