Market Closes - June 25, 2013

Posted on Jun 25, 2013
CBOT futures closed in mixed fashion with strength in July Corn, Soybeans and Meal. The Soy complex is a battle between bullish soybean meal and bearish soybean oil futures.  Meal demand is strong and is providing the fuel for the bean processors to raise their bids to pry beans off the farm. As cash bids move to the August or September futures next week, it could get interesting. The June to July soybean cash price inverse is sharp.

The outlook for Wheat futures is not good.  While the CBOT Wheat contract held support, the Kansas City HRW July broke to the lowest price seen since last summer. Yield reports are reportedly better than expected and harvest is ramping up.

Cattle futures closed little changed.  The market opened higher but was turned back again near chart resistance of $121.75.  Boxed beef values dropped: Choice 1-3 down 1.68 at 197.57; Select 1-3 down 0.66 at 185.92.

Lean Hog futures closed lower on profit-taking after the JULY contract reached a new high on Monday.  The FOB Plant pork value crept higher today to 109.88.

Corn Jly +3.5 657; Sep -2.5 576.5; Dec -2 544.5 (541.5-551)

Bean Jly +13 1525; Sep +7 1323; Nov +5 1278.5 (1269-1283)

Meal Jly +8 459; Dec +5 385

Wheat Jly -3 676; Dec -2.5 699.5; Jly’14 -3 726

KC -11 704; MGE -2 809

Oats -5 387

Rice -4 1557

LC Jun +20 12115; Aug -5 12112; Dec +7 12677

FC Aug +20 14787; Oct unch 15165; Jan +25 15305

LH Jly -80 10015; Oct -20 8565; Dec -27 8260

Milk Jly -18 1716; Aug -26 1774

US$ +.2%

Dow +101 14760

SP +15 1588

NAS +27 3348

Tran +111 6102

VIX -1.64 18.47

WTI +7 9525

Brent -1 10115

Gas -1 273

NG -8 365

HO unch 285

Eth +.5 244.5

Gold -1 1276

Slvr +6 1955

TREASURIES   (month ago yield) 2-yr +.03 0.42% (0.24) 5-yr +.04 1.49% (0.89) 10yr +.06 2.60% (2.02) 30yr +.08 3.63% (3.19)

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Tagged Post Topics Include: Economics, Market updates