Market Update - April 10, 2014

Posted on Apr 10, 2014
CBOT futures are trading lower and near the day’s lows.  The negative momentum of yesterday’s trade plus a surprising break in the US financial markets are weighing on the CBOT markets.  The bigger losses kicked in about 10 am CT after US stocks started sliding despite a positive jobless claims report.  Tech and bio-tech stocks are taking the NASDAQ down sharply. Investors are switching into “safer” stocks and Treasuries.

Livestock futures are trading lower as beef and pork values have been weaker as of late.  The Pork Cutout is down another dollar today after the sharp drop yesterday afternoon. CHOICE beef is down 1.79 to 225.20.

There’s a general “risk off” trade going on today.

Corn May -6 496; Jly -6 501; Dec -6 500 Bean May -17 1478; Jly -17 1461; Nov -10 1217 Meal May -4 478; Oct -1383 Oil -57 4234 Wheat May -8 661; Jly -8 669 KC -10 730; MGE -8 711 Oats -11 413 Rice +11 1561

LC Apr -15 14360; Jun -42 13520; Oct -57 13770 FC Apr -37 17850; May -50 17972; Aug -10 18175 LH Apr -7 12495; Jun -95 12080; Oct -190 9800 Milk Apr -3 2395; May -10 2135

US$ -.2%  See chart below

Dow -.7%

SP -1.1%

NAS -2.2%

Tran -1.1%

VIX +8.6% 15.01

WTI -.3%

Brent -.5%

Gas -.5%

NG +1.7%

HO -.6%

Eth +3.8%

Gold +1%

Slvr +2%

5-yr -.06 1.58%

10yr -.05 2.64%

30yr -.04 3.52%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/08/14

Receipts:  2,032   Last Week:  2,511   Year Ago:

Compared to last week steer calves sold about steady overall with good demand.  Yearling cattle sold 2.00 to 3.00 higher with very good demand.  Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 09% slaughter cows, 01% slaughter bulls, Less than 01% replacements and 89% feeders.  Feeder supply 37% steers, 16% bulls, 47% heifers with 43% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates