Market Closes - June 18, 2013

Posted on Jun 18, 2013
CBOT futures closed mostly higher led by new-crop Corn futures. Strong cash basis levels for corn and soybeans were supportive. JULY Corn closed the price gap on the chart but did not close above that resistance point.  DECEMBER Corn’s sharp rally moved price back to the middle of the June trading range (5.26-5.73).

Monday’s rally in cattle futures was short-lived as news of weaker beef values late morning led to a sell-off in futures. Choice down 0.95 at 200.24; Select up 0.36 at 184.39.  Feeder Cattle suffered larger losses due to rising CBOT futures.

Lean Hog futures closed mixed with the nearby JULY LH contract up on strong pork values.  The FOB Plant Pork Cutout is up 2.61 to $107.43 today.  Note how much of a discount the JULY LH contract is to this value. This should support JULY LH futures going into tomorrow.

Financial markets are waiting for the FOMC meeting to end and Chairman Bernanke to hold a press conference tomorrow afternoon.

Corn Jly +5 673 (662-677); Sep +10 589; Dec +12 550.5 (536-551) Bean Jly -2 1511; Sep +3.5 1337; Nov +4 1290 (1282-1296) Meal Jly +3 452; Dec +3 380 Oil -3 4881 Wheat Jly +7 687.5 (680-690); Dec +7 708; JLY14 +7 739 KC +5.5 719; MGE -1 799 Oats +1 398 Rice -4 1628

LC Jun -32 11950; Oct -15 12252; Dec -27 12502 FC Aug -72 14380; Oct -90 14815; Jan -60 14960 LH Jly +75 9870; Oct +2 8487; Dec -27 8170 Milk Jun +2 1804; Jly -18 1799

US$ steady Dow +138 15318 SP +13 1652 NAS +30 3482 Tran +61 6359 VIX -.18 16.62

WTI +87 9864 Brent +69 10616 Gas +3 288.5 NG +4 392 HO +1 296 Eth -.5 250

Gold -16 1367 Slvr -16 2160

2-yr -.02 0.26% 5-yr -.01 1.05% 10yr steady 2.19% 30yr -.01 3.34%

Blue Grass Stockyards Cattle Report for 06/18/2013

Receipts:  1,356   Last Tuesday:  1,265   Year Ago:  1,398

Compared to Monday steer calves sold 2.00 to 5.00 higher with very good demand.  Heifer calves sold steady to 3.00 higher with good demand.  Yearling steers and heifers limited comparison with yesterday, however compared to last week sold 2.00 higher with good demand. Good quality offering today.  Slaughter cows sold 1.00 lower with moderate demand in a light test.  Slaughter bulls sold steady with good demand.

Total supply included 03% slaughter cows, 01% slaughter bulls, 1% replacements and 95% feeders.  Feeder supply 52% steers, 10% bulls, 38% heifers with 76% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates