Market Closes - June 27, 2013

Posted on Jun 27, 2013
Corn, soybean, and soybean meal futures all closed with old-crop contracts performing better than new-crop contracts. Old-crop supplies are tight, but growing conditions suggest big crops are possible this fall.

Wheat futures continued to weaken on technical selling and signs that wheat yields are good.  The MGEX JULY Wheat contract rallied early in contrast to KC and CBOT, but reversed to close sharply lower at the day’s lows. But the new-crop MGEX September contract closed little changed.

At this point, it’s all about tomorrow’s 11 am CDT USDA reports.  Here are the Average Trade Expectations:

Planted Acreage   Corn = 95.3 million   Bean = 77.9 million  Wheat = 55.9 million 

Quarterly Grain Stocks   Corn = 2.845 billion (year ago 3.150)   Bean =   442 million (yr ago 667) Wheat =   745 million  (yr ago 743)

Excluding the nearby JUNE LIVE CATTLE contract which expires tomorrow, cattle futures closed moderately higher.  While cash cattle have not traded yet, boxed beef values edged higher today -- Choice up 0.87 at 197.38; Select up 1.11 at 187.62.  AUGUST LC and FC contracts have been trending higher and prices are still $1-2 away from chart resistance. The strong rise in LEAN HOG futures may also be supporting cattle futures.

LEAN HOG futures closed sharply higher – catching up with yesterday’s strong gain in the Pork Cutout.  However, this afternoon’s FOB Plant cutout is down $1.68/cwt to 109.68.  Thus, Friday’s LH futures may soften ahead of the Quarterly Hogs and Pigs Report. The average expectations June 1st Inventories are:

  Breeding herd         99.9 pct of year ago   Marketing inventory  100.7 pct   All Hogs and Pigs    100.6 pct   March-May Pig Crop   100.1 pct

Corn Jly +3 667; Sep -2 572; Dec -5.5 538.5

Bean Jly +14 1548; Aug +7 1432; Sep +1 1318; Nov -1 1275 Meal Jly +16 480; Dec +2 387 Oil -23 4640

Wheat Jly -3.5 663.5; Dec -3 689; Jly’14 -4 716 KC -8 686; MGE -12 786

Oats +1 385

Rice -15 1550

LC Jun -12 12115; Aug +75 12292; Dec +77 12815

FC Aug +77 14970; Oct +92 15340; Jan +87 15482

LH Jly +202 10197; Oct +145 8700; Feb +67 8482

Milk Jly -36 1676; Aug -13 1760

US$ steady

Dow +114 15024

SP +10 1613

NAS +26 3402

Tran +51 6200

VIX -.38 16.83

WTI +127 9677

Brent +101 10267

Gas +1 274

NG +6 371

HO +1.5 287

Eth unch 247

Gold -30 1200

Slvr -19 1839

2-yr -.02 0.37% 5-yr -.05 1.38% 10yr -.07 2.48% 30yr -.05 3.53%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 06/26/13 

Receipts:  2,797   Last Week:  2,236   Year Ago:  2,684

**Total receipts include 220 head sold in special cow sale Wed. night. ****No sales at Bluegrass Stockyard locations next week due to Holiday.

Compared to last week, steer calves sold mostly steady to 3.00 higher with very good demand for weaned calves.  Heifer calves sold mostly steady to 3.00 higher with advance on 500-700 lbs with very good demand for weaned calves.  Plain to good quality offering.  Yearling steers sold 2.00 to 3.00 higher with very good demand.  Yearling heifers sold steady to 2.00 higher with good demand.  Slaughter cows sold 2.00 higher with good demand.  Slaughter bulls sold 3.00 higher with very good demand.

Total supply included 04% slaughter cows, 01% slaughter bulls, 07% replacements and 88% feeders.  Feeder supply 59% steers, 07% bulls, 34% heifers with 75% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS Click Here

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