Market Update - May 12, 2014

Posted on May 12, 2014
Wheat futures dropped sharply when markets opened Sunday evening as many Plains areas did receive some good rain (along with high wind).  After a small bounce off the low, prices traded in a narrow range overnight.   Corn and soybean futures didn’t follow wheat sharply lower last night but did post bigger losses when 830 am trading began.  Friday’s USDA reports are weighing on futures again today.  Traders also are wary of China’s cash soybean demand as the government auctions some stocks.  Friday’s CFTC report showed the large funds had been downsizing their long soybean futures position as of last Tuesday.  Corn planting progress was pretty good last week so the trade expects this afternoon’s report to show 55% or better.

Live Cattle futures are up slightly on a steady/firm cash cattle market on Friday and futures discount to recent cash activity.  Deferred feeders are up sharply as CBOT futures drop.

Lean Hog futures are down strongly through June due to weak cash markets and June’s premium to cash hogs.  Market needs to see wholesale pork value improve – at midday, $2.50 gains are reported.

Corn Jly -8 499; Dec -7 491 (490-96) Bean Jly -15 1472; Nov -11 1215 (1213-29) Meal Jly -7 480;  Oct -5 388 Oil +9 4127 Wheat Jly -12 710 (700-22); Dec -12 733 KC -6 823; MGE -5 790 Oats +2 355 Rice -8 1534

LC Jun +35 13840; Dec +60 14537 FC May +65 18522; Aug +145 19282 LH May -147 13320; Jun -130 11887; Oct +7 10422 Milk May -1 2270; Jun -17 2106

US$ steady

Dow +.6% SP +.8% NAS +1.5% Tran +1.6% VIX -5.3%  12.24

WTI +.7% Brent +.4% Gas +.4% NG -1.6% HO +.5% Eth -1%

Gold +.8% Slvr +2.5%

5-yr +.02 1.645% 10yr +.03 2.65% 30yr +.02 3.485% 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates