Market Closes - May 21, 2014
Posted on May 21, 2014Wheat futures were pressured lower by forecasts for beneficial rains in the southern Plains. Chicago July Wheat continues to respect chart support at the April lows. Corn futures ended near steady as weather looks to favor a big advance in corn planting progress this week.
Live Cattle futures closed lower after trading higher in the morning. This occurred despite strength seen in boxed beef values on Tuesday and again today. Traders seem to doubt beef demand will persist once retailers have their Memorial Day supplies booked.
Choice Beef was up .93 to 231.16/cwt. Feeder Cattle futures continue to climb higher and higher – adding price risk each day should Live Cattle or Corn price make a big move in the wrong direction.
Lean Hog futures closed higher on apparent optimism by traders that PEDV-reduced supplies will be significant this summer. However, the June LH contract is $8/cwt off the highs set a month ago as very heavy hogs are making up for fewer hogs.
FOB Plant Pork cutout closed down 1.79 to 114.92/cwt, reversing most of Tuesday’s gain.
Corn Jly +1 474; Dec unch 472 Bean Jly +35 1505; Sep +22 1307; Nov +21 1253 Meal Jly +11 498; Oct +7 406 Oil +40 4047 Wheat Jly -6 664; Dec -5 692 KC -7 761; MGE unch 739 Oats +6 340 Rice -3 1527
LC Jun -47 13827; Aug -50 13960; Dec +5 14590 FC May +15 18920; Aug +60 19652; Oct +32 19742 LH Jun +132 11992; Oct +115 10840; Feb unch 9030 Milk May -2 2256; Jun -4 2023
US$ unch
Dow +159 16533 SP +15 1888 NAS +35 4132 Tran +47 7882 VIX -1.05 11.91 -8.1%
WTI +152 10385 Brent +81 11050 Gas +3 299 NG -7 448 HO unch 295 Eth +7 228
Gold -3 1292 Slvr unch 1939
2-yr +.01 0.343% 5-yr +.02 1.526% 10yr +.025 2.534% 30yr +.04 3.414%
Broiler-Type Chicks Placed in the U.S. Up 1 Percent Broiler growers in the United States weekly program placed 172 million chicks for meat production during the week ending May 17, 2014, up 1 percent from a year ago.
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Tagged Post Topics Include: Economics, Market updates
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