Market Closes - June 24, 2013

Posted on Jun 24, 2013
Falling world equity markets on Sunday night and rising Treasury yields created “risk-off” trade at the CBOT with added pressure coming from plentiful rains across the Corn Belt. However, those financial markets started improving late morning, which gave CBOT futures some relief – some more than others.  July Soybeans closed sharply higher on tight supplies and higher-than-expected export shipments reported for last week. There is also a risk of a “short squeeze” in the July contract if there are strong “longs” (commercials wanting beans to crush).   Wheat futures closed near the day’s lows, pressured by better-than-expected yields in SRW and HRW.  JULY Wheat futures is threatening key chart support.   DECEMBER Corn gapped lower and now sits in the middle of the February-June 2013 trading range.

Corn and soybean crop conditions are mostly GOOD to fair, but didn’t improve from a week ago quite as much as traders expected.  A 6-14 day outlook calls for below-normal temperatures throughout the Corn Belt –- this may not be good for the late-planted crop.

The Reuters survey of analysts shows the following average expectations for Friday’s USDA Planted Acres report. Corn = 95.31 million acres Soybean= 77.93 million acres

Friday’s Cattle on Feed report was considered somewhat negative and Live Cattle futures closed lower today in response to the report and weak boxed beef values, as well as bearish financial markets.  Falling CBOT futures helped feeder cattle futures extend the gains from Friday. AUGUST FC are $4/cwt above last week’s lows. Last week’s average cash steer price was $120.50/cwt.

LEAN HOG futures closed higher on strong hog and pork markets. The FOB PLANT price rose $1.14 to $109.11/cwt. Two weeks ago, this FOB price was $97.92/cwt.

The DOW index recovered from a 250-point loss to close down 140 points. Treasury bond prices also recovered after some Federal Reserve policymakers made comments to soften last week’s Bernanke statement. Early today, yields had soared to highs not seen since September 2011.

Corn Jly -8.5 653; Sep -13 579; Dec -10 546.5

Bean Jly +19 1512; Sep +1 1317; Nov unch 1273.5 (1255-1275) Meal Jly +3 451; Dec +2 380 Oil -47 4755

Wheat Jly -19 679 (677-695); Dec -15 702; JLY14 -16 729 KC  -21 715; MGE -3 811

Oats -3 392

Rice -30 1561

LC Jun -30 12095; Oct -47 12465; Feb -40 12760

FC Aug +75 14767; Oct +95 15165; Jan +90 15280

LH Jly +120 10095; Oct +75 8585; Dec +57 8287

Milk Jun unch 1803; Jly -41 1738

US$ steady

Dow -140 14660

SP -19 1573

NAS -36 3321

Tran -120 5990

VIX +1.21 20.11 (+6.4%)

WTI +126 9495

Brent +18 10109

Gas -2.5 274

NG -3 374

HO +1 285

Eth -2 244

Gold -10 1282

Slvr -36 1960

2-yr +.03 0.41% 5-yr +.04 1.47% 10yr +.03 2.56% 30yr -.02 3.57%

KENTUCKY CROP PROGRESS AND CONDITIONS

http://www.nass.usda.gov/Statistics_by_State/Kentucky/Publications/Crop_Progress_&_Condition/index.asp

18-State Crop Progress

CORN -   Rated good/excellent = 65 pct compared to 64 pct last week and 66 pct last year. -   Rated poor/very poor = 8 pct compared to 8 pct last week and 14 pct last year.

SOYBEAN -   Planted: 95 pct compared to 85 pct last week and 95 pct for 5-year average. -   Rated good/excellent = 65 pct compared to 64 pct last week and 53 pct last year. -   Rated poor/very poor = 7 pct last week compared to 6 pct last week and 15 pct last year.

Winter Wheat Harvested = 20 pct compared to 63 pct year ago and 37 pct for 5-year average.

Blue Grass Stockyards Cattle Auction Report for 06/24/2013 Receipts:  1,006 Last Monday:  880 Year Ago:  1,008

Compared to last week steer calves sold about steady except featherweights under 500 lbs 3.00 higher with very good demand on a plain to average quality offering.  Yearling steers sold 2.00 higher with good demand. Heifer calves under 600 lbs sold 2.00 lower on a plain to average quality offering; over 600 lbs sold steady with some yearlings 1.00 higher with good demand. Slaughter cows sold 2.00 higher with good demand.  Slaughter bulls sold 3.00 higher with good demand.

Total supply included 04% slaughter cows, 01% slaughter bulls, 01% replacements and 94% feeders.  Feeder supply 55% steers, 10% bulls, 35% heifers with 69% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates