Market Closes - June 17, 2013

Posted on Jun 17, 2013
The three main CBOT commodities went their own ways today, but bull-spreading was evident in corn and soybeans.  JULY CORN was the strongest market on tight old-crop supplies and a surprise increase in last week’s corn export shipments. JULY posted its highest closing price since March 28’s limit-down close following the USDA report. Chart resistance is $6.76 at the top of the price gap.  The spec funds reportedly bought 10,000 contracts.  Soybean futures closed lower with the new-crop under heavy pressure as traders expect planting to progress well.

Cattle futures closed higher on technical buying after the JUNE LC contract tested chart support and rallied.  Boxed beef values increased too.  Choice up 1.66 at 201.19; Select up 0.24 at 184.03.

Corn Jly +13.5 668.5; Sep +7 579; Dec +5.5. 538.5 Bean Jly -4 1512.5; Sep -9 1334; Nov -13 1285.5 Meal Jly -2 449; Dec -7 377 Oil +36 4884 Wheat Jly unch 680.5; Dec -.5 701; JLY14 unch 732 KC +2 714; MGE -4 800 Oats -3 396 Rice -18 1632

LC Jun +82 11982; Oct +80 12267; Feb +62 12627

FC Aug +112 14452; Oct +65 14905; Jan +47 15020

LH Jly -7 9795; Oct +50 8485; Dec +32 8197

Milk Jun +3 1802; Jly +14 1817

US$ steady Dow +110 15180 SP +12 1639 NAS +29 3452 Tran -12 6297 VIX -.35 16.80

WTI +8 9793 Brent -32 10561 Gas -3 287 NG +17 391 HO -1 295 Eth +.5 250.5

Gold -4 1384 Slvr -19 2176

2-yr -.01 0.28% 5-yr +.03 1.06% 10yr +.05 2.18% 30yr +.04 3.35%

18-State Crop Progress CORN -   Rated good/excellent = 64 pct compared to 63 pct last week and 63 pct last year.

-   Rated poor/very poor = 8 pct compared to 8 pct last week and 9 pct last year.

SOYBEAN -   Planted: 85 pct compared to 71 pct last week and 91 pct for 5-year average.

-   Rated good/excellent = 64 pct compared to 56 pct last year.

-   Rated poor/very poor = 6 pct last week compared to 12 pct last year.

Winter Wheat Harvested = 11 pct compared to 51 pct year ago and 25 pct for 5-year average.

KENTUCKY CROP CONDITIONS  Download entire report at http://www.nass.usda.gov/Statistics_by_State/Kentucky/Publications/Crop_Progress_&_Condition/cw13/CW061713.pdf

Blue Grass Stockyards Cattle Auction Report for 06/17/2013

Receipts:  880   Last Monday:  896   Year Ago:  1,405

Compared to last week steer and heifer calves sold about steady with moderate demand on an average to good quality offering.  Yearling steers and heifers light test and not fully established.  Slaughter cows and slaughter bulls sold 1.00 lower with moderate demand.

Total supply included 08% slaughter cows, 02% slaughter bulls, less than 01% replacements and 90% feeders.  Feeder supply 34% steers, 18% bulls, 48% heifers with 55% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates