Market Closes - June 24, 2013
Posted on Jun 24, 2013Corn 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
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