Market Closes - June 30, 2014

Posted on Jun 30, 2014
Corn, soybeans and wheat futures closed sharply lower in response to the bearish USDA reports. The funds were huge sellers as they hold large long positions in corn and soybeans. Old-crop soybeans had smaller losses due to the tight supply-demand situation in the U.S. until harvest. Did you know that the base daily limit for soybean futures is $1.00 – used to be 70 cents? The record soybean acreage would create record high U.S. soybean production. Technically, the November Soybean chart confirmed a Head-and-Shoulders Top with a price target between 11.20-11.30. December Corn dropped below chart support at the January 2014 low.

 

Winter Wheat Harvested – 18 States 43% this week versus 40% last year and 48% for 5-year average.

U.S. Pasture: 58% good/excellent vs 51% year ago. 15% poor/v.poor vs 25% year ago.

Cattle futures closed lower despite record high cash cattle price last week and strengthening boxed beef values. Today, Choice was up 1.30 at 247.28; Select was up 1.16 at 238.91. Feeder futures did not benefit from the collapse in CBOT futures. Technically, feeder cattle futures posted bearish key reversals on the charts.

Thanks to Friday’s extremely bullish Hogs and Pigs Report, lean hog futures beyond the nearby July contract quickly locked limit up $3.00. The spring pig crop was down five percent, a bigger drop than expected even with the PEDv impact. FOB Plant Pork closed .54 higher at 133.53/cwt on higher bellies and weaker loins.

Corn Jly -19 424 (422-44); Dec -22 425 (423-46) Bean Jly -31 1400 (1380-1448); Nov -71 1157 (1151-1236) Meal Jly -11 458; Oct -25 370 (366-400) Oil -113 3885 Wheat Jly-20 565 (556-84); Dec -14 598 KC -15 710; MGE -16 667 Oats Jly +6 338; Sep -4 323 Rice -5 1454

LC Aug -105 15007; Oct -122 15312; Feb -92 15370 FC Aug -155 21277; Oct -200 21427; mar -267 20730 LH Jly +175 13265; Oct +300 11390 Locked limit; Milk Jly -2 2132; Aug -18 2112

Us$ -.3% Dow -25 16827 SP -1 1960 NAS +10 4408 Tran +27 8202 VIX +.31 11.57 WTI -26 10548 Brent -95 11235 Gas -3 307 NG +3 444 HO -3 297 Eth unch 212 Gold +8 1328 Slvr -6 2102

2-yr -.004 0.457% 5-yr -.005 1.631% 10yr unch 2.532% 30yr -.003 3.360%

KY Crop ACRES Compared to 2013, Kentucky farmers are estimated to have planted 1.70 million acres of soybeans, up 50,000 acres, and 1.55 million acres of corn, up 20,000 acres. Wheat acreage was down 70,000 acres. Farmers intend to set 73,000 acres of burley, down 1000 acres from last year. Alfalfa Hay acreage of 180,000 is down 20,000 from 2013, and All Hay acres total 2.45 million, up 50,000 acres. KENTUCKY’S CROP CONDITIONS On a statewide basis, KY’s crop conditions improved very slightly despite the increasing dry conditions.

Blue Grass Stockyards Cattle Auction Report for 06/30/2014

Receipts: 1023 Last Monday: 1253 Year Ago: no sale Compared to last week steer and heifer calves sold mostly steady with moderate to good demand on a plain through average quality offering. Feeder steers and heifers lightly tested. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 12% slaughter cows, 02% slaughter bulls, 02% replacements and 84% feeders. Feeder supply 32% steers, 20% bulls, 48% heifers with 44% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates