Market Closes - September 19, 2013

Posted on Sep 19, 2013
CBOT futures closed mixed as it appeared that profit-taking was occurring – selling soybeans and meal, but buying corn, wheat and soybean oil.  Better rain prospects may also have weighed on soybean futures. Wheat’s gains were especially strong due to good exports and the potential for a weakening U.S. dollar to help exports. Technically, wheat futures had to avoid losses today to maintain key chart support.

November Soybeans closed the price gap created August 26 but did close off the day’s lows. October Meal made a new low for the period since August 26. Both contracts charted outside down days which is price negative.  Prices are sitting near key chart support so Friday’s price movement is important.

Cattle futures closed strongly higher on optimism that cash markets will improve as consumer demand and exports get lifted by a weaker US dollar and rising equity prices. The monthly Cattle on Feed report comes out Friday afternoon.

Lean Hog futures closed lower and near the day’s lows as the pork markets weakened. The October contract is working in the 90-92 cent range.

Financial markets did not follow through to Wednesday’s sharp moves.  Energy, Treasuries and the US dollar made noticeable corrections. Corn Dec +3 459.5 (455-463); Jly +3 487; Dec14 +2 497 Bean Nov -8 1339 (1331-61); Jly -5.5 1294; Nov14 -2 1187 Meal Oct -5 422; Jly -3 397 Oil +24 4271

Wheat Dec +10.5 657; Jly +10 668 (659-673) KC +9 702; MGE +8 708

Oats +8 312

Rice +7 1568

LC Oct +65 12592; Dec +77 12972; Apr +75 13252 FC Sep unch 15715; Oct +107 15937; Jan +105 15997 LH Oct -57 9115; Dec -65 8730; Feb -32 8877 MILK Sep -1 1814; Oct +14 1802

US$ +.2%

DOW -40 15637 SP -3 1722 NAS +6 3789 Tran +20 6727 VIX -.43 13.16

WTI -168 10639 Brent -179 10881 Gas -4 270 NG steady 371 HO -3 301 Eth +4 188

Gold +57 1365 Slvr +163 2314

2-yr +.01 0.335% 5-yr +.05 1.48% 10yr +.05 2.75% 30yr +.06 3.80%

August Milk Production up 2.7 Percent   Milk production in the 23 major States during August totaled 15.7 billion pounds, up 2.7 percent from August 2012. July revised production, at 15.7 billion pounds, was up 1.3 percent from July 2012.

 

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 09/17/13

Receipts:  3,287   Last Week:  2,728   Year Ago:  2,243

Compared to last week steer and heifer calves sold steady to 2.00 higher on 400-600 lbs on an average to good quality offering with moderate demand, very good demand for weaned calves that are in short supply.  Yearling steers and yearling heifers sold steady to firm with good demand.  Slaughter cows sold 2.00 to 3.00 lower with light to moderate demand.  Slaughter bulls sold 2.00 to 4.00 lower with light demand.

Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders.  Feeder supply 49% steers, 21% bulls, 30% heifers with 52% of feeders weighing over 600 lbs. KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates