Market Closes - May 15, 2014
Posted on May 15, 2014Soybean futures traded higher overnight but weakened during the morning as corn and wheat fell sharply. However, at 11 am CDT when the NOPA Crush report was released, heavy selling hit the soy complex even though the crush estimate was near expectations. This could indicate that selling is favored unless bullish news is present.
Live Cattle futures closed steady to much lower on a day when bearish attitudes abounded from equities to commodities. Boxed beef values closed near steady today but some cattle were sold at prices $1-2/cwt lower. Feeder Cattle futures are still bumping up against record highs as corn futures fall.
Summer Lean Hog futures closed sharply lower on weak cash hog and midday pork values, although FOB Plant Pork finished the afternoon near steady to Wednesday’s close. June and July were pressured by their big premium to the cash hog market.
Financial markets made huge moves today responding to negative economic reports and disappointing retail company profits.
Corn Jly -11 484 (482-97); Dec –8 480 (478-91) Bean Jly -16 1470 (1462-93); Sep -3 1274; Nov -5 1218 (1214-1230) Meal Jly -5 481; Oct -2 389 Oil -34 4104 Wheat Jly -12 678 (677-91); Dec -12 703 KC -27 779; MGE -23 755 Oats -6 350 Rice +10 1538
LC Jun -5 13740; Oct -102 14170; Feb -60 14570 FC May +75 18615; Aug -2 19242; Oct -30 19332 LH Jun -115 11942; Jly -155 12535; Oct +42 10600 Milk May -8 2256; jun -44 2050
US$ -.05%
Dow -167 16447 SP -18 1871 NAS -31 4069 Tran -53 7781 VIX +1.00 13.17
WTI -81 10156 Brent +25 11044 Gas unch 297 NG +8 444 HO -1 295 Eth +1 218
Gold -9 1297 Slvr -28 1949
2-yr -.012 0.355% 5-yr -.04 1.52% 10yr -.05 2.49% 30yr -.04 3.33%
WRRDA Conference Report Filed The Conference Report to HR 3080, the Water Resources Reform and Development Act (WRRDA) was filed. House and Senate conferees reached agreement on a final measure last week, and now both Houses of Congress must approve the conference report in order to send it to the president to be signed into law.
Today’s filing of the conference report sets up a House vote on the legislation on Tuesday’s suspension calendar and a Senate vote later next week. Passage of a WRRDA bill is a strategic action issue for the American Farm Bureau Federation.
See conference report and summaries by visiting http://transportation.house.gov/wrrda/conference.htm
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Tagged Post Topics Include: Economics, Market updates
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