Market Closes - June 6, 2013

Posted on Jun 6, 2013
Recent bull-spreading in corn and soybeans unwound partially today, helped along by the spec funds rolling some long positions in JULY futures to deferred contracts.  CBOT futures were likely supported somewhat by a sharp drop in the value of the US dollar.

Cattle futures closed higher, but the general trend is sideways waiting to see where the cash cattle market and beef values trade.  Boxed beef has been weakening since Memorial Weekend as consumption disappoints. Today, Choice down 0.77 at 203.63; Select up 0.28 at 184.84.

Lean Hog futures rallied to new highs for this move on optimism for pork demand and prices.  The JUNE LH contract is approaching chart resistance at $98.67.

U.S. equity markets were volatile today – after hitting lows in the noon hour, stock indexes recovered to close at/near the highs. A sharp drop in the US dollar versus the Japanese Yen caused the selling in stocks, as did market losses in Europe.  Tomorrow morning’s US jobs report will direct the markets going into the weekend.

Corn Jly +2.5 663 (655-664); Sep +7 578; Dec +6 548 (539-550) Bean Jly -5 1527; Sep +1 1355; Nov +6 1306 (1285-1309) Meal Jly -2 454; Dec +3 388 Oil -14 4816 Wheat Jly -4 698 (693-706); Dec -2 720.5; JLY’14 -4 750 KC -5 738; MGE +4 820 Oats +14 398 Rice +7 1585

LC Jun +20 12045; Oct +67 12307; Dec +65 12530 FC Aug +5 14465; Oct +25 14875; Jan -10 15015 LH Jun +65 9730; Jly +125 9582; Oct +37 8415 Milk Jun +5 1808; Jly +5 1860

US$ -1.2% Dow +80 15040 SP +14 1623 NAS +23 3424 Tran +58 6197 VIX -.87 16.63  (-5%)

WTI +103 9477 Brent +56 10360 Gas +3 285 NG -15 385 HO +2 287 Eth -4 249

Gold +15 1413 Slvr +7 2254

2-yr unch 0.29% 5-yr -.01 1.01% 10yr -.02 2.08% 30yr -.01 3.24%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 06/04/13

Receipts:  2,539 Last Week: 1,187 Year Ago:  2,317

Compared to last week, steer calves sold steady to 3.00 higher with good demand on an average to good quality offering.  Heifer calves sold mostly steady except featherweight calves 3.00 higher with good demand.  Yearling steers sold steady to 2.00 higher on 900-1000 lbs with good demand.  Yearling heifers steady in a light test.  Slaughter cows sold 2.00 to 3.00 higher with very good demand.  Slaughter bulls sold 1.00 to 3.00 higher with good demand.

Total supply included 08% slaughter cows, 01% slaughter bulls, 01% replacements and 90% feeders.  Feeder supply 43% steers, 13% bulls, 34% heifers with 63% of feeders weighing over 600 lbs.

 

KY Gas Tax Increasing to 32.3 Cents a Gallon  Kentucky’s gasoline tax will automatically rise by 2.4 cents next month to 32.3 cents a gallon.  That’s based on a formula that ties the state’s gasoline tax to wholesale prices. Kentucky implemented the current system in 1980.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates