Market Closes - September 9, 2014

Posted on Sep 9, 2014
Lots of contract highs and lows were established today. The lows came in most CBOT grain/soy contracts and the highs were set in Feeder Cattle futures (Live Cattle traded near the contract highs set in July 31st. Soybean Meal futures did hit lows in contracts beyond the October 2014. New-crop soybean futures are now below $10.00 with very little price/risk premium for the 2015 crop.

CBOT futures were pressured by less frost risk in the northern Corn Belt and by the upcoming USDA Crop Report which is expected to increase production estimates from the August report. Central Illinois processor basis was weaker again today.

Cattle futures closed strongly higher with futures technically strong. Monday’s boxed beef strength kept buying active today. Choice Beef dropped .31 to 251.08 and Select was up .84 to 238.68/cwt.

Lean Hog futures also closed sharply higher, building on its recent recovery from the July-August collapse. Tight nearby hog supplies lead to a rising Pork Cutout value. FOB Plant Pork cutout jumped 1.74 to 105.28/cwt on a strong price increase for hams. Added support is filtering in from the Live Cattle pit.

Corn Dec -4 344; May -4 365; Dec’15 -4 389 Bean Nov -16 993; May -16 1011; Nov’15 -14 1006         Meal Oct -1 352; May -4 332       Oil -40 3156 Wheat Dec -6 527; Jly -7 564           KC -6 623; MGE -5 605 Oats +2 349 Rice -9 1235

LC Oct +115 15967; Feb +140 16085; Apr +92 15825 FC Sep +147 22862; Nov +207 22625; Mar +142 21877 LH Oct +270 10577; Dec +220 9825; Apr +125 9205 Milk Sep +4 2449; Oct +62 2360

US$ -.2% 84.11

Dow -98 17014 SP -13 1988 NAS -40 4552 Tran -60 8515 VIX +.84 13.50

WTI +9 9275 Brent -98 9922 Gas -2 254 NG +10 398 HO -2 279 Eth -5 193

Gold +2 1257 Slvr +12 1908

2-yr +.028 0.556% 5-yr +.044 1.758% 10yr +.027 2.496% 30yr +.005 3.228%

KY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.

Tagged Post Topics Include: Economics, Market updates