Market Closes - August 29, 2013

Posted on Aug 29, 2013
CBOT futures closed mostly lower except for corn and soybean meal. Futures rallied into noontime, but then weakened in the afternoon.   Improved weather forecasts by private meteorologists may have played a part in this. However, tonight’s NWS Maps still show normal temperatures and below-normal rainfall over the 6-14 day period.  Furthermore, today’s Drought Monitor shows that drought conditions have intensified in Iowa and the upper Midwest and northern Plains.

Wheat futures have trouble finding support when corn and soybeans are weaker.  Global wheat export competitors get most of the business.

Cattle futures managed small gains today on optimism that cash cattle could trade steady to higher this week.

Outside markets were bearish today.  Crude oil traders took profits as an attack on Syria may be delayed.

Corn Sep -7 497; Dec +1 481.5 (477-484)

Bean Sep -3 1430; Nov -4 1368.5 (1360-1383) Meal Sep +4 467; Dec +1 430 Oil -53 4378

Wheat Sep -5 641; Dec -5 654; JLY -6 666 KC -5 701;  MGE -10 724

Oats -1 347

Rice +2 1573

LC Aug +25 12355; Oct +5 12697; Feb +22 13180 FC Aug +30 15502 (expired); Sep +30 15622; Jan +20 15780 LH Oct +127 8732; Dec +115 8430; Feb +100 8607 Milk Sep -21 1758; Oct -38 1767

US$ +.65%

Dow +16 14840 SP +3 1638 NAS +27 3620 Tran +16 6322 VIX +.32  16.81

WTI -190 10820 Brent -205 11456 Gas -5 291 NG +4 362 HO -4 317 Eth -4 246

Gold -11 1408 Slvr -51 2388

2-yr stdy 0.40 5-yr stdy 1.61% 10yr -.01 2.76% 30yr -.03 3.71%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 08/28/13 Receipts:  2,763   Last Week:  2,438   Year Ago:  2,473

**Total receipts include 382 head sold in special cow sale Wed. night. ****No Sale next Monday, Sales resume Tuesday 9/3/13****

Compared to last week steer and heifer calves sold steady with very good demand on a good to very good quality offering. Yearling steers and yearling heifers sold about steady with good demand.  Farmers continue bringing many fancy new crop calves to town this week.  Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 07% slaughter cows, 02% slaughter bulls, 13% replacements and 78% feeders.  Feeder supply 45% steers,18% bulls, 36% heifers with 61% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates