Market Closes - October 24, 2013

Posted on Oct 24, 2013
CBOT futures closed mostly lower but only by small amounts.  While there were several factors (strong soybean meal exports, weaker US dollar, higher energy/metal/equity prices) slightly supportive to commodities, continued harvest pressure is hanging over the market.

The October Live Cattle contract closed strongly higher to move futures in line with the $133 cash trade. Other LC contracts were little changed with the deferreds slightly lower.

Lean Hog futures closed sharply higher.  While the pork cutout did rise, cash hog prices were more steady.  The December LH contract closed at its highest level and is near last week’s high.

Corn Dec -2 440; Jly -2 469; Dec14 -2 483 Bean Nov unch 1310; Jly -3 1259; Nov14 -2 1175 Meal Dec +5 426; Jly +1 389 Oil -37 4113 Wheat Dec -5 696; Jly unch 704 KC -6 764; MGE -7 752 Oats unch 344 Rice +7 1553

LC Oct +100 13280; Dec +12 13287; Apr -7 13492 FC Oct -60 16555; Jan -87 16670; Apr -37 16680 LH Dec +145 8960; Feb +165 9185; Jun +230 9885 Milk Oct +1 1825; Nov +13 1868

US$ -.1%

Dow +96 15509 SP +6 1752 NAS +22 3929 Tran +62 7023 VIX -.22 13.20

WTI +32 9718 Brent -84 10696 Gas +3 258 NG +1 363 HO -2 290 Eth +2.5 183

Gold +13 1347 Slvr +9 2271

2-yr -.01 0.31% 5-yr +.01 1.30% 10yr +.02 2.52% 30yr +.02 3.61%

Blue Grass Stockyards Cattle Weekly Summary Report    for the week ending 10/23/13 Receipts:  3,276   Last Week:  3,260   Year Ago:  3,699

**Total receipts include 421 head sold in special cow sale Wed. night.

Compared to last week steer and heifer calves opened the week 2.00 to 4.00 lower however market rallied after lunch Monday closing steady to 2.00 higher by Tues. afternoon. Quality was average to good.  Demand was moderate for calves; good demand for weaned calves.  Yearling steers sold 1.00 to 2.00 higher with very good demand.  Slaughter cows sold about steady with moderate demand.  Slaughter bulls sold 1.00 to 2.00 lower with light demand.

Total supply included 09% slaughter cows, 02% slaughter bulls, 12% replacements and 77% feeders.  Feeder supply 48% steers, 23% bulls, 29% heifers with 52% of feeders weighing over 600 lbs.

Freeze Warning NATIONAL WEATHER SERVICE LOUISVILLE KY 333 PM EDT THU OCT 24 2013

...FREEZING TEMPERATURES FRIDAY AND SATURDAY MORNINGS...

.CANADIAN HIGH PRESSURE WILL KEEP A COLD AIR MASS OVER THE OHIO VALLEY INTO THIS WEEKEND. LOW TEMPERATURES TONIGHT AND FRIDAY NIGHT WILL REACH THE UPPER 20S...WITH SOME MID 20S POSSIBLE IN VALLEYS. FREEZING TEMPERATURES BOTH FRIDAY AND SATURDAY MORNING WILL LIKELY END THE GROWING SEASON.

 

KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates