Market Update - June 17, 2013

Posted on Jun 17, 2013
CBOT futures are trading mixed.  Corn futures are higher after trading lower overnight.  Higher-than-expected export shipments along with tight nearby supplies seemed to boost this market.  Soybean futures also cut losses this morning helped by higher soybean oil futures (supported by higher palm oil prices and early firmness in energy markets).   Wheat futures are higher on spillover support from corn and a bounce off key chart support in the CBOT JULY contract. Rainy weather in the Plains and elsewhere may become a bit price-supportive as wheat matures and harvest approaches.

Cattle futures are moderately higher in the upper part of today’s trading range. Futures soared abruptly around 10:40 a.m. CDT but the reason isn’t clear.  The JUNE Live Cattle contract tested chart support before the rally.  The general opinion is that seasonal pressure on fed cattle prices will continue.

Lean Hog futures are little changed.  Pork values soared on Friday, but cash hog prices were mixed.  Seasonal strength is still expected by the trade.

U.S. equities are strongly higher on strong economic reports and higher global markets.  The FOMC is meeting this week and no changes are expected in U.S. monetary policy.

Corn Jly +12 667; Sep +5 577; Dec +4.5 537.5 (526-538) Bean Jly -1 1515; Sep -6 1337; Nov -9 1289 (1277-1293) Meal Jly +2452; Dec -5 378 Oil +39 4887 Wheat Jly +4 685(674-689); Dec +3 704; JLY14 +3 735 KC +7 718; MGE +3 807 Oats -4 395 Rice -20 1631

LC Jun +85 119.85; Oct +90 12277; Feb +72 12637 FC Aug +87 14427; Oct +47 14887; Jan +105 15077 LH Jly +2 9805; Oct +12 8447; Dec +2 8167 Milk Jun +2 1801; Jly +2 1805

US$ +.2% Dow +1.1% SP +1% NAS +1.1% Tran unch VIX -1.5% 16.90

WTI +.2% Brent unch Gas -.7% NG +2.4% HO unch Eth unch

Gold -.4% Slvr -.9%

5-yr -.02 1.02% 10yr +.01 2.14% 30yr +.01 3.32%

Fusarium head blight hitting Kentucky wheat fields    By Don Hershman, UK Extension Plant Pathologist Jun. 13, 2013

• Fusarium head blight leads to yield and grain quality problems but also to mycotoxin deoxynivalenol which affects marketability.

• For grain harvest, turning up the air on the combine and blowing light-weight “scabby” kernels out the back of the combine has reduce deoxynivalenol levels.

http://southeastfarmpress.com/grains/fusarium-head-blight-hitting-kentucky-wheat-fields

 

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates