Market Closes - September 23, 2014

Posted on Sep 23, 2014
CBOT futures closed mostly lower with new contract lows hit in nearby corn, soybeans, soybean meal and July’15 Chicago Wheat. Corn futures closed near the day’s lows while soybeans and wheat finished 4-5 cents off the bottom. Prices were pressured by big crops, accelerating harvest and good weather.

Getting prices low enough to stimulate demand to consume the big crops can be achieved either by lower futures or by lowering the basis (basis = cash less futures). Lower basis is a smaller positive number or a larger negative number.

Cattle futures closed mixed with Live Cattle dropping and Feeder Cattle gaining, with new contract highs set. It appears demand is softer nearby but LC futures indicate fed cattle will strengthen later this fall. Today, Choice Beef crashed by 3.85, closing at 239.17/cwt. Select dropped 1.18 to 227.29.

Settlement prices in Lean Hogs were all over the board. The October LH contract closed higher and is at a premium to the current CME Hog Index. Pork values keep rising with FOB Plant Pork closing 1.23 higher at 116.83/cwt. Hog traders will turn their attention to Friday afternoon’s Hogs and Pigs Report.

Corn Dec -5 325 (325-31); May -4 347; Dec15 -4 372 Bean Nov -2 936 (931-44); May -1 958; Nov15 +1 952 Meal Oct -2 317; May -1 306 Oil +23 3223 Wheat Dec -1 476; Jly -4 505 (501-08) KC +2 562; MGE -2 534 Oats -4 333 Rice +11 1266

LC Oct -5 15545; Feb -70 15990; Apr -32 15967 FC Sep +60 23090; Oct +87 23015; Mar +80 22035 LH Oct +57 10787; Dec -45 9525; Apr +40 9100 Milk Oct +3 2465; Nov -10 2225

US$ steady

Dow -117 17056 SP -12 1983 NAS -19 4509 Tran -69 8445 VIX +1.24 14.93 +9%

WTI +86 9173 Brent -6 9691 Gas +4 263 NG -2 163 HO -1 268 Eth unch 163 Gold +6 1224 Slvr +1 1779

2-yr -.012 0.537% 5-yr -.027 1.759% 10yr -.040 2.527% 30yr -.046 3.243%

Blue Grass Stockyards Cattle Report for 09/23/2014 Receipts: 1328 Last Tuesday: 895 Year Ago: 1136 Compared to yesterday steer calves sold steady with good demand; except 400-500 weak in a light test. Heifer calves under 600 lbs sold steady to weak over 600 lbs sold steady to firm. Quality was average through good. Yearling steers sold steady with good demand. Yearling heifers limited comparison. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 04% slaughter cows, 01% slaughter bulls, 01% replacements and 94% feeders. Feeder supply 39% steers, 14% bulls, 47% heifers with 28% of feeders weighing over 600 lbs.

BEEF BASH Field Day       University of Kentucky, Princeton -  Thursday, September 25

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates