Market Closes – July 15, 2013

CBOT futures closed mixed.  Corn futures finished lower on perceived improvement for rain chances in the Corn Belt by the weekend. However, tonight’s 6-10 day map keeps the heat on with moisture slightly above normal.  With the speculative crowd already very short CORN futures, the down trend is their friend. Wheat futures also traded down with corn futures as Winter Wheat harvest wraps up in more areas.

Soybean 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

 

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