Market Closes - May 23, 2013

Posted on May 23, 2013
Did you see the fireworks in the July Soybean futures contract?  July Soybean futures soared 52 cents to $15.47 before closing at $14.995. The August Soybean contract shot 39 cents higher and closed with a 9-cent gain.  A larger-than-expected old-crop soybean export sales report may have contributed to the rally.  Technical buying may have also exaggerated the price move.

Wheat futures rallied on better-than-expected export sales and the much weaker U.S. dollar.  CBOT July Wheat has now erased half of the decline seen the past two weeks.

This afternoon’s 6-10 day and 8-14 day NWS Outlooks, show much-above normal temperatures for KY and the Corn Belt, with moisture a mixed situation (wet in the North, dry in the South).  The warmth (GDD) will help the late-planted corn grow.

Live and Feeder cattle futures closed lower from the weak fed cattle market and rising feed costs.  Nearby futures are back near the lows set earlier this week.

Lean Hog futures closed slightly lower with some pressure coming from the large pork stocks in cold storage (see midday market comments for details).

Financial market suffered sharp losses early in the day but staged an impressive recovery as investors try to figure out how strong the economy is and if/when the Federal Reserve will taper its bond buying program.  They seem to agree that markets will be more volatile in the short-term. Most markets traded on both sides of unchanged sometime today.

Corn Jly +3.5 662; Sep +4 563.5; Dec +4 535 Bean Jly +5 1499.5 (1487-1547); Sep -.5 1299.5; Nov +4 1243 (high 1252) Meal Jly -4 437 (434-451); Dec +1 351 Oil +2 4966 Wheat Jly +15 703 (687-709); Sep +14 710; Dec +12.5 723 KC +11 754; MGE +5 813 Oats +4 370 Rice +21 1555

LC Jun -87 11912; Oct -82 12170; Dec -65 12367 FC Aug -167 14265; Oct -177 14685; Jan -182 14827 LH Jun -35 9420; Aug -27 9180; Oct -42 8210 Milk May +1 1851; Jun +20 1830

US$ -.7% Dow -13 15295 SP -5 1650 NAS -4 3459 Tran +14 6430 VIX +.28 14.10

WTI +2 9430 Brent -3 10257 Gas +1 283 NG +7 426 HO -1.5 286 Eth -2 263

Gold +23 1390 Slvr +7 2254

2-yr unch 0.24% 5-yr -.01 0.89% 10yr -.02 2.02% 30yr -.03 3.19%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/22/13

   Receipts:  2,775   Last Week:  2,248   Year Ago:  2,278 **Total receipts include 242 head sold in special cow sale Wed. night.

*****Stockyards closed Mon. May 27 in observance of Memorial Day***** Compared to last week, steer calves sold steady to 5.00 lower with moderate demand. Heifer calves sold 3.00 to 5.00 lower with light to moderate demand. Yearling steers sold steady to 2.00 lower with moderate demand. Yearling heifers sold 2.00 lower with moderate demand.

Mostly average to good quality calves.  Slaughter cows sold steady with good demand.  Slaughter bulls sold steady to 1.00 higher with good demand.

Total supply included 09% slaughter cows, 01% slaughter bulls, 08% replacements and 82% feeders.  Feeder supply 47% steers, 18% bulls, 35% heifers with 56% of feeders weighing over 600 lbs.

Bluegrass & Backroads honors Kentucky’s veterans     Kentucky Farm Bureau’s (KFB) Emmy® Award-winning television program, Bluegrass & Backroads, makes a special salute to our military veterans this month. A tribute episode, featuring interviews of and stories by four soldiers who call Kentucky their home, honors those who served our country in various parts of the world during different periods of conflict.

Specific air dates include: -  Saturday, May 25 at 5:30pm – KET2 -  Sunday, May 26 at 7:30am and 11pm – KETKY -  Tuesday, May 28 at 12:30pm – KETKY -  Wednesday, May 29 at 12:30am – KET -  Thursday, May 30 at 8:30pm – KETKY -  Friday, May 31 at 7:30am – KETKY Note: All times are Eastern Time Zone. To learn more about Bluegrass & Backroads or watch episodes online, visit: bluegrassandbackroads.com U.S. DROUGHT MONITOR  http://droughtmonitor.unl.edu/

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates