Market Update - July 30, 2014

Posted on Jul 30, 2014
CBOT futures are mixed today with pressure coming from the stronger US dollar(higher interest rate) and expectations of rain in the Corn Belt next week. Wheat is stronger on short-covering following news of a US Wheat sale.

Cattle futures are up strongly as it appears traders are thinking last week’s cash strength may not fade so quickly. Feeder Cattle futures are hitting new contract highs. Lean hog futures continue to work lower as the cash markets weaken and the charts have downtrends intact.

The surprisingly strong 2nd quarter GDP of +4% has investors worried the Federal Reserve will move to raise interest rates sooner than has been expected. Treasury yields are up modestly and equities are mostly lower despite the good economic news. The PCE inflation index rose 2.3 pct in Q2 compared to 1.4 pct in Q1. The Fed’s target rate is 2 pct. The FOMC has its end-of-meeting announcement at 2 pm EDT.

Corn Sep -1 361; Dec -1 370 Bean Aug +2 1228; Sep -10 1111; Nov -6 1089 Meal Aug -3 393; Oct -3 354 Oil -25 3600 Wheat Sep +5 525; Jly +2 596 KC +3 614; MGE +3 613 Oats +1 358 Rice -14 1299

LC Aug +102 15980; Dec +57 15972 FC Aug +155 22297; Oct +152 22365 LH Aug -100 12045; Oct -67 10540 Milk Aug -11 2151; Sep -10 2128

US$ +.4%

Dow -.5% SP -.3% NAS +.1% Tran +.2% VIX +5.7% 14.04

WTI -.3% Brent -.6% Gas -.5% NG -1.5% HO -.4% Eth -2% Gold -.4% Slvr -.1%

5-yr +.093 1.779% 10yr +.080 2.541% 30yr +.062 3.284%

 

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Tagged Post Topics Include: Economics, Market updates