Market Closes - June 5, 2013

Posted on Jun 5, 2013
Financial markets were the feature of the day as U.S. equity markets suffered sharp losses amid market weakness in Europe and rising fears that the U.S. Federal Reserve may begin tapering its bond-buying program sooner than expected. Money flowed into US Treasuries, which drove yields down markedly.

Old-crop corn and soybean futures were supported on supply concerns, while new-crop futures traded lower on ideas 2013 crops will be abundant.  Wheat futures were pressured by oncoming seasonal harvest pressure and weakness in corn futures.

While July corn and bean futures have strengthened, cash basis values have weakened.  At HENDERSON, cash corn at +60 is down 8 cents from a week ago, and soybean basis at +50 is down a dime from a week earlier (3 weeks ago, cash bean basis was +107).

Cattle futures closed lower as Choice boxed beef continues to weaken (now about $7 below the record peak). Choice carcasses down 0.89 at 204.40; Select carcasses up 0.47 at 184.56.  June Live Cattle futures are discounted to last week’s cash trade around $124/cwt.  Rising beef supplies in June could weigh on this market.

Lean Hog futures erased the morning losses to close little changed from Tuesday’s close.  The strength may be tied to the midday strength in pork values (up 2 cents); however, the end-of-day FOB Plant report put the carcass value at $95.22, down 54 cents. So LH futures may come under pressure when trading resumes this evening.

April beef and pork exports were down from a year ago – 9 pct for beef volume and 5 pct for pork volume.  However, U.S. lamb exports rose 3 pct in volume and 22 pct in value, thanks to demand in Mexico.  For more detail, please read the US Meat Export Federation news release at http://www.usmef.org/news-statistics/press-releases/trade-barriers-soft-demand-keep-april-beef-pork-exports-sluggish/

 

Corn Jly unch 661 (658-667); Sep -13 571; Dec -11 542 (541-553) Bean Jly +3 1532 (1523-1549); Sep -6 1354; Nov -16 1300 (1296-1317) Meal Jly +3 456; Dec -4 385 Oil -29 4830 Wheat Jly -7.5 701.5 (701-712); Dec -9 723; JLY’14 -12 753 KC -7.5 743; MGE -5 816 Oats +3 384 Rice +26 1578

LC Jun -70 12015; Oct -105 12240; Dec -92 12465 FC Aug -97 14460; Oct -72 14850; Jan -30 15025 LH Jun +12 9665; Jly -17 9457; Dec -35 8047 Milk Jun +29 1803; Jly +57 1857

US$ -.2% Dow -217 14960 SP -22 1609 NAS -44 3401 Tran -119 6138 VIX +1.23 17.50 (+7.5%)

WTI +44 9375 Brent -30 10294 Gas +1 282.5 NG unch 400 HO -1 285.5 Eth -3 252.5

Gold +5 1402 Slvr +9 2250

2-yr -.01 0.29% 5-yr -.04 1.02% 10yr -.05 2.09% 30yr -.06 3.24%

Monsanto and GM Wheat    Monsanto has established this site as a resource for those interested in learning about ongoing developments related to the USDA investigation on the reported detection of Roundup Ready Wheat by one farmer in one field in Oregon.    This site answers questions you may have. http://www.monsanto.com/gmwheat/Pages/default.aspx

 

Read the latest KY PEST NEWS ahttp://www.ca.uky.edu/agcollege/plantpathology/extension/kpn/current.html

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Tagged Post Topics Include: Economics, Market updates