Market Closes - August 14, 2014

Posted on Aug 14, 2014
CBOT futures closed mostly higher with soybean oil being the major exception. Strong weekly export sales for corn and soybeans were supportive. Soybean oil futures have fallen 2 cents/lb in the past four days under pressure from the palm oil market and falling crude oil prices.

Corn futures closed up for the third straight day on technical buying and short-covering coming off of Tuesday’s “key reversal up”. The December Corn contract has chart gap resistance at 3.77 ¾ from July 18th.

The expired August soybean and soybean meal contracts closed with big price moves – in opposite directions. August beans dropped 40 cents to 12.24, while August soybean meal jumped $31 to $450/ton (compared to $400 two days ago).

Cattle futures closed mostly higher on a rebound from yesterday’s steep losses. Support comes in part from the August LC contract’s discount to the cash fed market. Beef held near steady with Choice down 0.14 at 256.74; Select down 0.98 at 248.57/cwt.

Lean Hog futures closed lower as the August LH contract expired today. The bearish momentum switched to the October contract. With today’s loss, the October LH contract has fallen over $22.00 since the contract high was set July 7. FOB Plant Pork gained 1.71 to 116.19/cwt; hams dropped 2% and bellies rose 10%.

Corn Sep +4 362; Dec +4 373 (366-74); Dec’15 +4 415 Bean Sep +19 1098; Nov +9 1056 (1039-59); Nov’15 +10 1061 Meal Sep +14 382; Dec +9 351 Oil -47 3351 Wheat Sep +9 537; Dec +7 553; Jly +7 595 KC +4 608; MGE +1 606 Oats -10 359 Rice +20 1285

LC Aug +177 15000; Dec +90 14965; Apr +77 15080 FC Aug +75 21512; Oct -32 21237; Mar +57 20572 LH Oct -215 9525; Feb -90 8660 Milk Aug +13 2218; Sep +57 2263

US$ steady

Dow +62 16714 SP +8 1955 NAS +19 4453 Tran +55 8264 VIX -.48 12.42

WTI -207 9552 Brent -227 10201 Gas -8 267 NG +6 389 HO -8 282 Eth -1 216 Gold unch 1314 Slvr +2 1986

2-yr unch 0.416% 5-yr -.006 1.571% 10yr -.023 2.405% 30yr -.047 3.194%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 08/14/14 **Fall roundup/internet sale 4:00 Friday. Receipts: 1,809 Last Week: 1,740 Year Ago: 1,598 Compared to last week steer calves sold steady to weak with moderate to good demand. Heifer calves sold steady to 2.00 lower with moderate to good demand. Bull calves sold 3.00 to 8.00 lower with light demand. Quality was plain through good. CME feeder cattle futures erratic this week and is affecting day-to-day demand. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 07% slaughter cows, 02% slaughter bulls, less than 01% replacements and 91% feeders. Feeder supply 61% steers, 15% bulls, 24% heifers with 58% of feeders weighing over 600 lbs. BLUEGRASS SOUTH Stanford, KY Weighted Average Report for 08/14/2014 Receipts: 1793 Last Week: 944 Year Ago: 3086 Compared to last Thursday; Feeder steers under 500 lbs sold steady while steers over 500 lbs sold 1.00 to 2.00 lower. Feeder heifers sold 1.00 to 2.00 lower. Slaughter cows and bulls sold 2.00 higher. Supply consisted of 65 percent over 600 lbs, 52 percent steers nd 30 percent heifers.

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Tagged Post Topics Include: Economics, Market updates