Market Closes - December 9, 2014

Posted on Dec 9, 2014
CBOT futures closed mixed with corn and soybeans finishing near the day’s highs but still below Monday’s highs. Price action followed the apparent trading of the funds – buy corn/beans and sell wheat. Wheat had added pressure from Russia saying they wouldn’t restrict exports. The nearby cash soybean market continues to lift the soy complex. December Meal futures gained $10.00, compared to the $5 gain for January 2015 SM futures. Also the cash price for meal at Owensboro and Cairo rose $11.00 today. The December Soymeal, Corn and Wheat contracts’ last trading day is this Friday.

The WASDE report will update carryout forecasts tomorrow. The average trade guesses are 2.03 billion corn, 654 million wheat, and 427 million soybeans.

Live Cattle futures closed higher after probing the downside in the first 45 minutes of trading. Today’s recovery is not surprising since LC futures dropped $10.00 in 11 trading days (oversold) and Dec LC is discounted to the last cash price traded. Midday strength in Select Beef values offered support, but the afternoon quotes show CHOICE Beef down 1.47 to 250.51 and SELECT Beef up only .74 to 236.10/cwt.

Lean Hog futures closed mixed with the nearby December LH contract rising on strength in pork values and futures large discount to the CME Lean Hog Index which DEC LH will settle against at week’s end. Late-afternoon trading saw deferred LH futures trade up from the pit closes quoted above. FOB Plant Pork +.64 to 93.45/cwt on gains in picnic and rib values.

U.S. equity markets recovered most of the sharp losses seen at the opening bell. Even with this comeback, traders still appear concerned about the “market” as money went into Treasuries and precious metals, and the VIX Index rose 5 percent.

Corn Mar +5 395 (387-96); Jly +5 410; Dec +5 423 Bean Jan +5 1049 (1038-50); Jly +6 1066; Nov +4 1020 Meal Jan +5 375; Jly +2 353 Oil +14 3191 Wheat Mar -12 586; Jly -11 592 (591-602) KC -17 622; MGE -14 608 Oats -1 313 Rice +24 1229

LC Dec +95 16240; Feb +117 16305; Jun +10 15575 FC Jan +90 23277; Mar -87 22735; Aug -55 22827 LH Dec +37 8695; Feb -52 8460; Jun -5 9230 Milk Dec +5 1785; Jan unch 1589

US$ -.5%

Dow -51 17801 SP unch 2060 NAS +26 4766 Tran -53 8980 VIX +.68 14.89 +5%

WTI +22 6327 Brent +21 6640 Gas unch 170 NG +5 365 HO +2 207 Eth unch 171 Gold +36 1231 Silvr +79 1700

2-yr -.020 0.616% 5-yr -.049 1.615% 10yr -.048 2.209% 30yr -.034 2.866%

Blue Grass Stockyards Cattle Auction Report for 12/08/2014 Receipts: 1225 Last Monday: 1633 Year Ago: 514 Compared to last week steer and heifer calves sold mostly steady except featherweight steers sold 5.00 to 10.00 higher with good demand and lightweight heifers 5.00 higher with good demand despite CME futures prices down early and down the limit by close of sale. Yearling steers and heifers lightly tested. Quality was average through good. Slaughter cows sold steady to 1.00 higher with good demand. Slaughter bulls sold 2.00 to 3.00 higher with good demand.

Total supply included 11% slaughter cows, 02% slaughter bulls, less than 01% replacements and 87% feeders. Feeder supply 39% steers, 23% bulls, 38% heifers with 40% of feeders weighing over 600 lbs.

Glasgow,Ky Farmers Livestock Market (Weigh in sale) Weighted Average Report for 12/08/14 Receipts: 1518 Last Week: 1630 Last Year: 1015 Compared to Last Week, Steer calves 300-400 lbs. 3.00-5.00 lower. Heifer calves 2.00-4.00 lower. Slaughter cows 2.00 higher. Slaughter bulls 2.00 lower.

The supply included 31.7 percent steers, 32.8 percent heifers,30.5 percent bulls with 28.7 percent weighing over 600 lbs.9 percent slaughter cows and bulls. 101 replacement cows with 25 percent going to slaughter,20 cows with calves.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.

Tagged Post Topics Include: Economics, Market updates