Market Closes - November 13, 2014

Posted on Nov 13, 2014
Corn, soybean and wheat futures closed higher with corn performing best. Soybean futures rallied hard at the 830 am market opening but spent the rest of the day losing ground. December Soybean Meal followed the same pattern but actually posted a negative close. With talk of Argentinean soymeal headed for East Coast livestock producers, this market may be topping out. Friday morning’s Export Sales report from USDA will be closely watched. Wheat futures closed strongly and within a nickel of the day’s highs.

Live Cattle futures closed sharply higher on little news. The December LC contract traded to a new contract high and a new all-time high close. Feeder Cattle futures beyond the nearby November FC contract also closed strongly higher. Boxed beef values finished the day near steady with Wednesday’s close.

Lean Hog futures closed moderately higher on higher pork values and the persistent below-normal temperatures. FOB Plant Pork up .96 to 96.24/cwt on strength in belly and picnic values. Hog futures have closed HIGHER for SIX straight days.

Crude oil futures collapsed today on news the U.S. produced 9.06 million barrels/day last week – the largest amount since 1986. Also, there’s no indication that OPEC will cut its production to stabilize prices. OPEC’s recent production was 30 million bbl/day.

Corn Dec +8 386 (377-89); May +8 407; Dec +6 429 Bean Jan +6 1053 (1045-72); May +6 1064; Nov +9 1035 Meal Dec -1 393; May +1 358 Oil -15 3207 Wheat Dec +11 554; Jly +7 568 (558-70) KC +6 605; MGE +3 584 Oats +1 339 Rice -7 1171

LC Dec +190 16965; Feb +145 17102; Jun +87 15962 FC Nov unch 23935; Jan +85 23422; Mar +102 23282 LH Dec +60 9127; Feb +80 9160; Apr +115 9285 Milk Nov +11 2175; Dec -12 1876

US$ steady

Dow +41 17653 SP +1 2039 NAS +5 4680 Tran -18 9073 VIX +.77 13.79

WTI -291 7427 Brent -246 7792 Gas -10 200 NG -21 398 HO -8 237 Eth +4 197 Gold +2 1162 Slvr +1 1563

2-yr -.012 0.523% 5-yr -.012 1.628% 10yr -.016 2.349% 30yr -.005 3.076%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 11/11/14 Receipts: 3259 Last Week: 3844 Year Ago: 4173 Compared to last week steer and heifer calves sales were active Monday and sluggish Tuesday late morning. Overall steer calves sold steady to 2.00 lower with softer market for 500-600 lbs however featherweights under 400 lbs sold 2.00 to 5.00 higher with very good demand. Heifer calves sold steady except lightweights under 400 lbs sold 2.00 to 5.00 higher with good to very good demand. Quality was average through good. Yearling steers and heifers sold steady compared to last week in a limited comparison with good demand. Slaughter cows sold 1.00 to 2.00 higher with good demand. Slaughter bulls sold steady to 1.00 higher with good demand. Total supply included 09% slaughter cows, 02% slaughter bulls, Less than 1% replacements and 89% feeders. Feeder supply 45% steers, 21% bulls, 34% heifers with 49% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates