Market Closes – April 13, 2015

Forecasts for additional rain in the southern Plains started the selling in the wheat market which then spread to the corn pit. But tonight’s wheat condition report showed some deterioration ahead of the rains. The spec funds have been huge shorts in CBOT Wheat and the market is going their way.

Continued heavy rains in the South keeps corn planting behind normal. U.S. corn planting is 2 pct complete, compared to 3% a year ago and 5% for 2010-14. KY has 1 pct corn planted, down from 15 pct for 2010-14.

Cattle futures closed with minimal price changes. Futures started the day lower in follow-through selling from Friday’s very sharp losses. Friday’s drop in cattle futures was substantiated by a sharp drop in cash cattle prices. USDA’s 5-area average price fell $3.34/cwt to $164.23. But a strong beef market helped cattle futures recover. Choice carcasses up 1.19 at 257.70; Select down 0.72 at 249.19.

Lean Hog futures closed mixed with the first 5 contracts posting gains. This added to Friday’s gains. Hog futures are supported by stronger cash hog bids and short-covering given the well-established uptrend in futures. Pork markets didn’t help today with FOB Plant Pork dropping .10 to 65.97.

Corn May -6 370; Jly -7 378; Dec -6 396 (396-401)
Bean May -3 949; Jly -3 953; Nov -3 939 (937-47)
Meal May unch 309; Oct -1 306
Oil -5 3104
Wheat Jly -24 500 (500-18); Dec -23 523
KC -29 533; MGE -20 566
Oats -2 264
Rice -15 1010

LC Apr +2 15882; Oct +25 14867; Dec +20 14965
FC Apr -20 21225; Aug +32 21177; Oct +50 20997
LH Apr +55 6310; Jun +62 7877; Oct -10 7115
Milk Apr -3 1566; May -17 1560

US$ +.2%

Dow -81 17977
SP -10 2092
NAS -8 4988
Tran -61 8707
VIX +1.36 13.94 +11%

WTI +40 5204
Brent +22 5809
Gas unch 181
NG unch 251
HO +2 178
Eth -2 155
Gold -5 1199
Slvr -12 1626

2-yr -.028 0.536%
5-yr -.034 1.370%
10yr -.023 1.930%
30yr -.008 2.574%

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