Market Update - July 18, 2014

Posted on Jul 18, 2014
CBOT futures are mostly lower as traders/investors continue to unwind some of the risk premium that was priced into the market after news broke of the Malaysian airplane being shot down over the Ukraine. Wheat futures have erased all gains made yesterday.

Cattle futures are moderately higher as traders respond to cash cattle trade that didn’t drop as expected earlier in the week. Boxed beef values were mixed late Thursday with Choice down over a dollar, but Select was up 1.38. Midday quotes have Choice down 1.49 to 248.32 and Select down 1.97 to 242.27. This compares to the highest quote seen of 252.17, posted on July 10.

Lean Hog futures are trading mixed with the nearby August LH contract down sharply as traders seem uncertain as to how many hogs will be marketed week to week due to the effect of PEDv months ago. FOB Plant Pork cutout gained .78 to 137.87/cwt on stronger loin and picnic values.

Corn Sep -4 375; Dec -4 383 (382-89) Bean Aug +7 1181; Nov +4 1098 Meal Aug -1 379; Oct -1 358 Oil +42 3679 Wheat Sep -15 536; Dec -14 559 KC -13 636; MGE -5 632 Oats -4 333 Rice -8 1320

LC Aug +110 15175; Dec +60 15445; Apr +10 15402 FC Aug +70 21230; Oct +40 21275; Mar +50 20510 LH Aug -170 12715; Oct -32 11340; Feb -20 9885 Milk Aug +2 2144; Sep unch 2042

US$ +.1%

Dow +.6% SP +.8% NAS +1.1% Tran +1% VIX -15.5% 12.28

WTI -.3% Brent -.3% Gas -.4% NG +.1% HO unch Eth -.2% Gold -.7% Slvr -1.4%

5-yr +.005 1.655% 10yr +.001 2.476% 30yr unch 3.290%

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Tagged Post Topics Include: Economics, Market updates