Any overnight strength in CBOT futures disappeared at the 930 am opening bell. A late-morning recovery effort was made but futures closed weakly and near the day’s lows (except for August and September soybeans).  Weather remains favorable and market news is “slow” until Monday’s first USDA CROP PRODUCTION report of the 2013/14 crop year.

Although soymeal price was strong, soybean oil futures sold off on weakness in palm oil markets. There’s no support on the soybean oil price chart as the September hit a new contract low today.

Cattle futures closed PIT TRADE mostly lower with sharp losses in Feeder Cattle. However, in the after-hours electronic trade, cattle futures have roared back.  August FC = 15350; August LC = 122.65.

Choice carcasses up 1.49 at 188.66; Select up 0.77 at 181.67/cwt.

Lean Hog futures closed sharply lower after rising overnight.  The reversal may have been caused by technical considerations (the OCTOBER contract made a triple-top at 87.00) with selling magnified by USDA’s announcement of June Pork Exports that disappointed traders. October traded over $2.00/cwt off the high to below the 50% retracement level, but then rallied all the way through the end of electronic trading to close at 85.72. Nevertheless, the chart action is a bearish key reversal.

Click here to see Chart.  The Pork Cutout value only slipped a little today, so futures may find support, especially given how sharply the October contract is discounted to August.

 

Corn Sep -4 468; Dec -1 458 (456-464); Jly -1 485

Bean Sep +5.5 1199; Nov -1.5 1166(1162-1175); Jly -3 1182 Meal Sep +5 377; Dec +2 347 Oil -47 4174

Wheat Sep -7 643; Dec -6 656; JLY -6 669 KC -3 699;  MGE -3 736

Oats +12 352

Rice -35 1534

LC Aug +30 12122; Oct unch 12467; Feb -20 12887 FC Aug -167 15257; Oct -105 158852; Jan -70 15895 LH Aug -32 10022; Oct -152 8492; Feb -102 8377 Milk Aug +11 1806; Sep +38 1807

US$ -.4%

Dow -48 15471 SP -6 1691 NAS -12 3654 Tran -47 6469 VIX +.27 12.99

WTI -108 10422 Brent -83 10735 Gas -4 287.5 NG -8 324 HO -4 297 Eth -1 218.5

Gold +4 1286 Slvr +2 1954

2-yr steady 0.31% 5-yr -.02 1.37% 10yr -.04 2.60% 30yr -.04 3.69%

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