Market Closes - May 30, 2014

Posted on May 30, 2014
With favorable weather in most areas of the U.S. and planting of corn and soybeans progressing well, the large funds appeared to be liquidating some of their long in corn and soybeans; the funds already have turned short CBOT wheat. Corn and wheat charts look bearish and soybeans are holding near support levels.  July Soybean and July Soybean Meal charts look the best.  Sharp losses in soybean oil prices this week was a key factor in this week’s drop in soybean futures.  Competing palm oil prices fell very hard.

Live Cattle futures closed mostly lower, giving up some of yesterday’s rally. Cash cattle prices held up better than traders feared early in the week but boxed beef values have slipped to end the week.  Choice carcasses down 0.99 at 232.66; Select 1-3 down 1.87 at 221.90/cwt.   Feeder futures closed near steady and sit right near the contract highs.  Further weakness in corn futures could spur FC to new highs.

Lean Hog futures closed lower with the JUNE LH contract again taking a big hit as the nearby cash hog market lacks direction.  Pork values made a sharp move higher by the afternoon report. FOB Plant Pork closed up 2.26 to 116.01/cwt, the highest quote since May 21. A huge jump in belly prices contributed to this.  LH futures bottomed early in the day and climbed throughout the session.

Corn Jly -4 466; Dec -5 457 (457-65) Bean Jly -6 1493; Sep -11 1286; Nov -10 1234 (1231-49) Meal Jly +2 500; Oct -1 407 Oil -91 3850 Wheat Jly -5 627 (625-37); Dec -3 660 KC -7 723; MGE -8 706 Oats +9 371 Rice -4 1498

LC Jun -22 13780; Oct -35 14260; Feb +5 14770 FC Aug unch 19705; Oct +2 19842; Mar +25 19160 LH Jun -95 11335; Jly -12 12047; Oct -15 10585 Milk Jun +28 2086; Jly +41 2065

US$ -.14%

Dow +18 16717

SP +4 1924

NAS -5 4243

Tran -6 8105

VIX -.17 11.40

WTI -68 10290

Brent -43 10954

Gas -2 298

NG unch 455

HO -3 289

Eth -1 237

Gold -8 1249

Slvr -20 1881

2-yr +.004 0.375% 5-yr +.026 1.539% 10yr +.028 2.475% 30yr +.024 3.327%

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Tagged Post Topics Include: Economics, Market updates