Market Closes - June 13, 2013

Posted on Jun 13, 2013
Corn and soybean futures closed lower pressured by the July contracts large losses from fund liquidation or rolling of positions to deferred contracts. The 6-14 day forecast shows above normal temperatures for most of the eastern U.S. which should be helpful to the planted crops.

Wheat managed to close higher after trading both sides of Wednesday’s close.  Trouble planting the final spring wheat acreage gave the MGEX a price boost today.

Cattle futures closed slightly lower.  Both nearby Live Cattle and Feeder Cattle contracts have been moving sideways for over a month.  Traders are cautious about consumer demand.  Today, CHOICE beef dropped $1.16 to $200.63/cwt.

Lean Hog futures closed slightly lower, taking a break from the strong rally seen the past 3 weeks. Pork cutout gave back half of yesterday’s gains, losing $1.10 to close at $100.16/cwt.

U.S. equities rallied on a positive jobless claims report and the VIX fell nearly 12 percent.  Interestingly, Treasury rates also fell sharply despite the strong stock market.

Corn Jly -7 643.5; Sep -4.5 570.5; Dec -2 535

Bean Jly -30.5 1510; Sep -17 1341.5; Nov -14 1300.5

Meal Jly -9 453; Dec -3 386

Oil -27 4784

Wheat Jly +2.5 685.5; Dec +1.5 707; JLY’14 +1.5 737

KC +2 718.5;  MGE +6 812

Oats +5 408

Rice +28 1656

LC Jun -30 11985; Oct -27 12285; Dec -15 12542

FC Aug -45 14547; Oct -40 14935; Jan -87 15105

LH Jun +62 10157 expired; Jly -52 9865; Oct -20 8455

Milk Jun -6 1798; Jly -2 1806

US$ -.4%

Dow +181 15176

SP +24 1636

NAS +45 3445

Tran +118 6341

VIX -2.18 16.41 (-11.7%)

WTI +83 9671

Brent +76 10425

Gas +6 287

NG +4 381.5

HO +4 294

Eth +3 246

Gold -8 1384

Slvr -2 2178

2-yr -.03 0.30%

5-yr -.09 1.06%

10yr -.08 2.15%

30yr -.06 3.31%

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Tagged Post Topics Include: Economics, Market updates