Market Closes - July 15, 2013
Posted on Jul 15, 2013Soybean futures closed higher led by the old-crop AUGUST SOYBEAN contract. Tight old-crop supplies remain a concern as the latest crush report (for JUNE) came in above expectations. For products, soybean meal is very strong, but soybean oil’s value is slipping under pressure from lower Palm Oil prices.
USDA reported that corn and soybean conditions deteriorated slightly the past week (see stats below).
Cattle futures closed higher on optimism that fed cattle prices have bottomed. Boxed beef was mixed today -- Choice down 0.83 at 190.70; Select carcasses up 0.27 at 183.94/cwt. FEEDER CATTLE futures soared on lower corn futures and technical buying on the “gap higher” opening. The AUGUST contract closed above last week’s high as well as the late-April top. Next resistance comes in at $154.50.
LEAN HOG futures closed higher but way off the daily highs in the 2013 contracts. The AUGUST LH contract soared at the opening bell, following cattle’s lead. However, this contract spent the rest of the day giving back a dollar/cwt. The Pork Cutout slipped a little today.
Corn Sep -9 536; Dec -6 503.5; Mar -6 516
Bean Aug +25 1454; Sep +16 1314; Nov +6.5 1264 Meal Aug +9 452; Dec +3 377 Oil -38 4584
Wheat Sep -11 670; Dec -11 682; Jly’14 -9 700 KC -7 701; MGE –11 755
Oats +1 353
Rice -3 1517
LC Aug +60 12245; Dec +50 12882; Feb +60 13017 FC Aug +252 15265; Oct +237 15682; Jan +175 15870
LH Jly +20 10230 (expired); Aug +65 9555 (hi 96.50); Dec +35 8170
Milk Jly -3 1733; Aug +7 1772
US$ +.1%
Dow +20 15484 SP +2 1682 NAS +7 3607 Tran +32 6469
VIX -.05 13.79
WTI +53 10648 Brent +28 10909 Gas unch 312 NG +3 368 HO unch 303 Eth +4 249
Gold +4 1282 Slvr +14 1991
2-yr -.02 0.32% 5-yr -.04 1.38% 10-yr -.04 2.55% 30yr -.03 3.60%
18-STATE CROP PROGRESS AND CONDITIONS CORN Silking: 16% vs 67% last year and 35% for 5-yr average Rating Good/Excellent: 66% vs 68% last week and 31% year ago. Poor/Very Poor: 9% vs 8% last week and 38% year ago.
SOYBEAN Blooming: 26% vs 63% last year and 40% for 5-yr average. Rating Good/Exc: 65% vs 67% last week and 34% last year. Poor/V.P: 8% vs 7% last week and 30% last year.
Spring Wheat and Pastures also slightly declined in condition ratings.
http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1048
Blue Grass Stockyards Cattle Auction Report for 07/15/2013
Receipts: 999 Last Monday: 1,138 Year Ago: 916 Compared to last week steer calves over 500 lbs sold steady to 2.00 higher with good demand; under 500 lbs sold 10.00 higher with very good demand. Yearling steers sold 2.00 to 3.00 higher with very good demand. Heifer calves over 600 lbs sold steady under 600 lbs sold 2.00 to 5.00 higher with very good demand. Slaughter cows and slaughter bulls sold steady with good demand.
Total supply included 05% slaughter cows, 02% slaughter bulls, Less than 1% replacements and 93% feeders. Feeder supply 54% steers, 17% bulls, 28% heifers with 64% of feeders weighing over 600 lbs. BROILER PRODUCTION ON THE RISE It appears that the broiler industry is gearing up for the cheaper feed expected from the 2013 harvest. Increased production is also encouraged by strong broiler prices – the National Composite Broiler Price is $101.63/cwt, up 22 pct from a year ago. More chicken will offer increased competition for pork and beef in the meat case.
http://www.dailylivestockreport.com/documents/DLR%2007-15-2013.pdf
KENTUCKY CASH GRAIN BIDS – Click Here
Tagged Post Topics Include: Economics, Market updates
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