Market Update - July 18, 2013

Posted on Jul 18, 2013
Corn and soybean futures remain under pressure as weather forecasts apparently still hold promise of improved conditions for corn that still needs to go through pollination.  The nearby contracts are still outperforming the deferred new-crop ones due to relative tightness in cash supplies.

DECEMBER CORN gapped lower and traded to within 4 cents of the critical chart support of $4.90 posted earlier this month.

WHEAT futures are outperforming corn today as winter wheat harvest finishes in more areas and wheat export sales have picked up this week despite the US price being higher than competitors.

CATTLE futures were little changed coming into the morning CME session, but soared within the first hour of pit-trade; but prices have retreated from those highs.  The rally may be tied to the lower jobless claims and other good US economic reports.

Natural Gas futures are soaring after the EIA showed a smaller-than-expected build in NG stocks.  WTI Crude Oil has traded to a new high for this move and a level not seen by nearby Crude Oil futures since March 2012.  At the same time, EIA reported gasoline stocks increased on weaker demand.  One oil industry CEO predicts that crude oil prices will be much, much lower by the end of 2013.

Corn Sep -2 536; Dec -5.5 496.5;

Bean Aug -9 1469; Sep -14 1315; Nov -18 1265 Meal Aug -2 467; Dec -9 377 Oil -7 4572

Wheat Sep -1 664; Dec -1 677; Jly -2 693 KC +2 705; MGE -2 753

Oats unch 353

Rice +10 1538

LC Aug +107 12237; Dec +87 12880 FC Aug +115 15212; Oct +87 15672;

LH Aug +87 9667; Oct +35 8552

Milk Jly -2 1736; Aug +1 1800

US$ +.4%

Dow +.7% SP +.6% NAS +.3% Tran +1.6% VIX -1.3% 13.60

WTI +1.2% Brent unch Gas -.3% NG +4.8% HO +1% Eth -.7%

Gold +.5% Slvr +.1%

5-yr +.02 1.33% 10yr +.04 2.53% 30yr +.04 3.62% KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates