Market Closes - July 29, 2014

Posted on Jul 29, 2014
CBOT futures fell sharply today as Monday’s weather concerns were calmed somewhat with increased rain chances next week. However, tonight’s NWS 6-10 outlook still calls for below-normal rainfall as well as temperatures. Wheat futures dropped the most as global supplies are plentiful and the US spring wheat crop is rated better than last year and the long-term average. Outside markets were also a bearish influence with a stronger US dollar and weaker energy futures.

Live Cattle futures closed mixed with weakness in the nearer contracts. Despite cash cattle trading $164+ last week and boxed beef strengthening again today, traders are reluctant to take the August LC contract above $160. Today, Choice beef rose 2.60 to 261.90 and Select beef jumped 2.92 to 259.09.

Lean Hog futures closed lower with the August LH contract falling sharply as cash hog prices dropped today and the pork cutout closed near steady despite being up 2.52 at midday.

US equity markets sold off to end the day on worries about the impact of additional sanctions by the US and EU on Russia. On Wednesday, 2nd Quarter GDP will be released at 830 am EDT and the Federal Reserve Open Market Committee (FOMC) will release its policy statement at 2 pm EDT. The Fed is expected to continue to reduce its bond-buying program as previously announced.

Corn Sep -6 361; Dec -6 371; Dec’15 -2 413 Bean Aug -10 1226; Sep -15 1121; Nov -13 1095; Nov’15 -10 1087 Meal Aug -7 395; Oct -3 357 Oil -27 3625 Wheat Sep -15 520; Dec -14 544; Jly -12 594 KC -14 611; MGE -11 610 Oats -10 356 Rice +20 1313

LC Aug -27 15877; Oct unch 15907; Apr +55 15785 FC Aug +125 22142; Oct +127 22212; Mar +62 21237 LH Aug -222 12145; Oct -55 10607; Feb -60 9210 Milk Aug +5 2165; Sep +26 2133

US$ +.25%

Dow -70 16912 SP -9 1970 NAS -2 4443 Tran -115 8218 VIX +.72 13.28 +5.7%

WTI -66 10101 Brent -3 10754 Gas +2 287 NG +8 383 HO +1 290 Eth -1 218 Gold -5 1298 Slvr +5 2062

2-yr +.043 0.547% 5-yr -.013 1.690% 10yr -.029 2.462% 30yr -.036 3.227%

Blue Grass Stockyards Cattle Report for 07/29/2014 Receipts: 1078 Last Tuesday: 804 Year Ago: 968 Compared to Monday steer and heifer calves sold steady with good demand. Yearling steers and heifers sold steady in a limited comparison with yesterday. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 06% slaughter cows, less than 01% slaughter bulls, 02% replacements and 92% feeders. Feeder supply 32% steers, 10% bulls, 58% heifers with 68% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates