Market Closes - September 22, 2014

Posted on Sep 22, 2014
CBOT futures closed lower under pressure from harvest progress, dry weather, China economic concerns, and weaker outside markets (equities, energy, Treasury yields). All but soybean oil hit new contract lows.  Corn and wheat futures climbed off the lows during the day session.

Today’s USDA Crop Condition rating shows a stable crop that’s behind in maturity which means the heaviest harvest pressure may be slightly delayed.

Corn – 18 States In MATURE stage: 42% vs 54% average HARVESTED: 7% vs 15% average 

Soybean – 18 States Dropping Leaves: 45% vs 53% average HARVESTED: 3% vs 8% average

SPRING Wheat Harvested – 6 States 86% this week versus 93% last year and 92% for 5-year average.

WINTER Wheat Planted – 18 States 25% this week vs 21% last year and 22% for 5-yr average. Cattle futures closed mixed after being lower in the morning.  Last week’s cash market weakness of $2-3/cwt weighed on the market, but higher beef values at midday lifted futures.  However, boxed beef ended the day lower with Choice down .69 to 243.02 and Select down 1.14 to 228.47/cwt.

The Kentucky Beef Check-Off Referendum will be held on November 20, 2014. This determines if an additional $1.00/head will be assessed.  CLICK HERE to read KDA news release.

Lean Hog futures closed strongly higher as the wholesale pork market keeps on rising.  FOB Plant Pork closed up 2.06 to 115.60/cwt. This afternoon’s Cold Storage Report showed an increase in frozen pork stocks – this could limit gains tomorrow.

US$ -.1%

Dow -107 17173 SP -16 1994 NAS -52 4528 Tran -119 8514 VIX +1.58 13.69

WTI -94 9071 Brent -149 9690 Gas -3 258 NG +1 385 HO -3 269 Eth -2 163

Gold -1 1216 Slvr -12 1772

2-yr -.020 0.553% 5-yr -.036 1.783% 10yr -.020 2.567% 30yr -.013 3.287%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates