Market Update - July 19, 2013

Posted on Jul 19, 2013
The CBOT is seeing mixed price action. Corn remains under pressure from continued optimism that beneficial rains will fall across the Corn Belt the next few days as a cold front pushes the hot temperatures out. Old-crop soybean futures are higher on the very strong August Soybean Meal market – up 2.5 percent. The DECEMBER CORN contract traded down to $4.91 when the pit opened at 930 am but immediately began recovering and now is six cents above the low.   Critical chart support is $4.90.

Midday weather forecast could influence today’s close, but traders will be positioning for Sunday evening’s market opening that could see CBOT futures move sharply – up or down – depending on the latest weather forecast.

Cattle futures are trading mixed with the Live Cattle lower on uncertain cash market pricing this week amid a weakening boxed beef market. Feeder Cattle futures are slightly higher as feed costs look to get cheaper.

Corn Sep -1 540; Dec -4 497

Bean Aug +16 1485; Sep +7 1323; Nov +3 1269 Meal Aug +12 482; Dec +1 379 Oil -2 4550

Wheat Sep +2 663; Dec +1 674; Jly +2 691 KC +3 705; MGE +2 752

Oats +2 355

Rice +9 1548

LC Aug -22 12187; Dec -40 12847 FC Aug +30 15237; Oct +40 15730

LH Aug -35 9627; Dec -60 8195

Milk Jly +3 1738; Aug +23 1812

US$ -.2%

Dow -.2% SP -.1% NAS -.8% Tran -.3% VIX -5% 13.14

WTI -.3% Brent -.8% Gas +.2% NG -.8% HO -.5% Eth -1.3%

Gold +.8% Slvr +.3%

5-yr -.02 1.31% 10yr -.03 2.50% 30yr -.05 3.58%

Kentucky Weekly Livestock Summary July 12-18, 2013

Receipts This Week   Last Week   Last Year 19,458      19,538      17,437

Compared to Last Week:  Steer and Heifer calves 2.00-5.00 higher; Feeder Steers and Heifers 1.00-3.00 higher.  Demand good to very good for all classes. Looming short supplies for yearling type cattle along with favorable futures markets helped push yearling feeder prices this week and calf markets not far behind.  Notable sales of 600 lbs heifers sold late in the week for 150.95 a respectable sum of money to say the least.  Slaughter Cows and Bulls steady to 2.00 higher.

Supply:  Slaughter Cows 6 percent; Slaughter Bulls 2 percent; Feeder cattle 91 percent.  In the feeder supply, Steers made up approximately 45 percent and Heifers approximately 39 percent.  Steers and Heifers over 600 lbs totaled approximately 60 percent.  Replacement cattle 1 percent.

KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates