Market Closes - June 25, 2014

Posted on Jun 25, 2014
CBOT futures closed narrowly mixed and traded with less volatility than usual. No significant market data will come out until Monday’s USDA reports. Traders are getting their positions ready for what could be a volatile trading day on Monday. Corn and KC wheat futures have good chart support below current prices. However, Chicago and MGEX wheat hit new lows for the current downtrend. Keep an eye on the November Soybean Chart as a potential Head-and-Shoulders top is forming which would project down to $11.20 if price falls below $12.00. After Monday’s reports, focus will quickly turn to weather forecasts and the long July 4 weekend.

Cattle futures moved to new contract highs and high closes and traders remain confident consumer demand is holding up at these high prices. No cash cattle trade has been reported. Choice Beef closed up .86 at 244.52 and Select beef dropped .17 to 238.17/cwt. Lean Hog futures closed sharply lower as traders booked profits ahead of Friday’s Hogs and Pigs Report that could surprise the market. Also July LH Futures are at a huge premium to cash hog prices. Average trade guesses are 96.6% for market hogs and 101.6% for breeding stock. Pigs saved per litter during March-May 2014 is expected to be down 4.8% from a year ago due to PEDv losses. FOB Plant Pork closed up 2.14 at 133.67 on gains in picnic and rib values.

Corn Jly -2 441; Dec -1 440; Dec15 unch 457 Bean Jly +2 1416; Nov +4 1229; Nov15 +4 1198 Meal Jly +3 452; Oct +3 392 Oil -32 4065 Wheat Jly +4 575; Dec +3 606; Jly15 +2 651 KC +8 714; MGE -3 674 Oats -5 334 Rice +5 1484

LC Jun +80 15195; Oct +90 15367; Feb +27 15450 FC Aug +150 21212; Oct +172 21407; Mar +200 20750 LH Jly -112 12930; Aug -242 12865; Dec -180 9610 Milk Jun -5 2130; Jly -28 2167

US$ -.1%

Dow +49 18868 SP +10 1960 NAS +29 4380 Tran +71 8164 VIX -.54 11.59

WTI +77 10680 Brent -22 11424 Gas -3 310 NG +2 455 HO unch 304 Eth +1 207 Gold -2 1319 Slvr -1 2103

2-yr +.02 0.484% 5-yr -.02 1.656% 10yr -.025 2.561% 30yr -.024 3.383%

Blue Grass East Stockyards Cattle Auction Report for 06/25/2014 Mt. Sterling, KY Cattle Receipts: 680 Last Week: 590 Year Ago: 487 Weekly receipts: 805 Compared with last week steer and heifer calves sold steady with good demand. Quality was plain through average. Yearlings sold steady with very good demand. Slaughter cows sold 1.00 to 2.00 higher with moderate demand. Slaughter bulls sold steady with good demand.

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Tagged Post Topics Include: Economics, Market updates