Market Closes - June 14, 2013

Posted on Jun 14, 2013
CBOT closed mixed with old-crop corn and beans gaining as new-crop contracts lost ground.  Friday’s trading ranges were mostly narrower than Thursday’s and also respected Thursday’s lows.  JULY Chicago Wheat is near key chart support -- $6.74 and then $6.65 – with harvest pressure increasing in the weeks ahead.

The next big USDA reports come on June 28 with Planted Acreage and Quarterly Grain Stocks.

Cattle futures closed strongly lower on continued weakness in boxed beef values and expectations for lower cash cattle prices out of the feedlot (last traded $120 in TX).  Boxed Beef: Choice down 1.10 at 199.53; Select down 0.58 at 183.79/cwt. The JUNE LIVE CATTLE contract closed on the week’s low and is barely above the contract low of 118.70 set on May 17, 2013.  Similarly, the AUGUST FEEDER CATTLE contract is threatening to break below its contract low of $142.30.  Lower Live Cattle futures are at risk in part because the funds have been LONG this market.

The JUNE LEAN HOG contract went off the board today closing higher and setting a new contract high.  Likewise, pork values soared with the FOB Plant Pork Cutout up $3.31 to $104.32/cwt. However, the JULY LH contract closed lower for the second day in a row.  The weakness in cattle futures may be spilling over somewhat and wholesaler buying of pork for the JULY 4th weekend won’t last into July.

Corn Jly +11 655; Sep +1 572; Dec -2 533 (530-537) Bean Jly +6 1516; Sep +1 1342; Nov -2 1298 (1288-1307) Meal Jly -2 451; Dec -3 383.5 Oil +64 4848 Wheat Jly -5 681 (676-685); Dec -5 701; JLY14 -5 732 KC -7 711;  MGE -8 804 Oats -9 400 Rice -6 1650

LC Jun -85 11900; Oct -97 12187; Feb -105 12565 FC Aug -207 14340; Oct -95 14840; Jan -132 14972 LH Jly -62 9802; Oct -20 8435; Dec +5 8165 Milk Jun -1 1799; Jly -6 1803

US$ -.1% Dow -106 15070 SP -10 1627 NAS -22 3424 Tran -32 6309 VIX +.74 17.15 +4.5%

WTI +116 9785 Brent +88 10583 Gas +3.5 290 NG -8 373 HO +2 296 Eth +4 250

Gold +10 1388 Slvr +37 2195

2-yr -.29% 5-yr -.03 1.03% 10yr -.02 2.14% 30yr -.01 3.31%

Kentucky Weekly Livestock Summary for June 7-13, 2013 Receipts This Week   Last Week  Last Year 19,090      18,855     18,614

Compared to last week, Steers were mostly steady to 2.00 lower with the most decline in middle weights.  Heifers were mostly steady to 3.00 higher.  Demand was moderate to good and supply moderate for all classes.  Slaughter Cows were steady to 2.00 lower with moderate supply and demand.   Slaughter Bulls steady to 3.00 higher with moderate supply and good demand.

Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 42 percent and Heifers approximately 33 percent.  Steers and Heifers over 600 lbs totaled approximately 60 percent.  Replacement cattle 2 percent.

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Tagged Post Topics Include: Economics, Market updates