Market Update - June 23, 2014

Posted on Jun 23, 2014
CBOT futures traded higher overnight but have sold off sharply this morning.  Corn led the markets lower with soybeans and wheat futures following along about 1.5 hours later.  Soybean futures are the best performer.  Market reports are crediting excessive rains for the price gains but generally “rain makes grain”. Technically, today’s price action creates bearish price reversals but price follow-through will be needed to confirm.

Traders will be watching this afternoon’s crop condition reports.

Cattle futures are mostly higher, benefitting from Friday’s neutral Cattle on Feed Report showing 93% of a year ago on-feed inventory.  Boxed beef rose sharply last week, indicating consumer demand is holding up in the high-price environment.

Lean Hog futures are trading near steady with July futures near the contract high set in late March and the weekly continuation high price set last week.  Pork cutout values are up strongly today.

Corn Jly -7 446; Dec -7 445 (443-57) Bean Jly -1 1414; Nov -3 1229 (1223-43) Meal jly -5 454; Oct -4 397 Oil +44 4057 Wheat Jly -2 583; Dec unch 616 KC -1 719; MGE -1 689 Oats -4 336 Rice +7 1471

LC Jun +30 14785; Oct +67 14982; Feb +75 15255 FC Aug +82 20770; Oct +65 20897; Mar +77 20262 LH Jly -12 12770; Oct +5 10977; Dec -17 9637 Milk Jun -1 2133; Jly +1 2156

US$ unch

Dow -.2%

SP -.1%

NAS -.1%

Tran -.7%

VIX +4.2%  11.31

WTI -.7%

Brent -.7%

Gas -.7%

NG -1.5%

HO -.8%

Eth -1.5%

Gold unch

Slvr -.3%

5-yr -.01 1.69% 10yr -.02 2.60% 30yr -.03 3.42%

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Tagged Post Topics Include: Economics, Market updates