Market Update - April 14, 2015 - Kentucky Farm Bureau

Market Update - April 14, 2015

Posted on Apr 14, 2015
CBOT futures are trading mixed with corn and soybeans finding some buying with prices near chart support levels. Traders often refer to “turnaround Tuesday” when prices reverse Monday’s price movement. The US Dollar is down nearly 1 percent and that’s supportive, along with higher energy futures. Wheat futures continue to be pressured by improved moisture conditions. The KC and MGEX July contracts are testing chart support at the lows set late February to early March.

Cattle futures are strongly higher in follow-through buying from Monday’s stronger beef market and a recovery from early-day losses. Choice is up 1.60 at 259.30 and Select is up 1.55 at 250.74.

Lean Hog futures are little changed. While the cash hog price has been rising of late, the pork cutout has not. At midday, FOB Plant Pork is down .62 at 65.35. All primal cuts are lower. Deferred LH charts still have uptrends. May LH is trading at a $8.50 premium to expiring April – cash and/or futures will be moving in the next few weeks.

Disappointing economic reports and forecasts are weighing on the US Dollar and lifting Treasury prices (yields down).

Corn May +3 374; Dec +3 399 Bean May +9 958; Nov +6 946 Meal +3 312 Oil +31 3135 Wheat Jly -4 496 KC -6 527; MGE -6 560 Oats unch 264 Rice +6 1017

LC Apr +90 15972; Oct +130 14997 FC Apr +155 21380; Aug +172 21352 LH Apr +2 6312; Oct -12 7102 Milk Apr unch 1566; may -4 1556

US$ -.9%

Dow +.2% SP +.1% NAS -.4% Tran -.6% VIX -.2% 13.91

WTI +3% Brent +1.5% Gas +1.8% NG +1.1% HO +1.3% Eth unch Gold -.4% Slvr -.3%

5-yr -.067 1.313% 10yr -.072 1.867% 30yr -.077 2.504%

Lexington Auction Weighted Average Report for 04/13/2015 Receipts: 1608 Last Monday: 936 Year Ago: 1537 Compared to last week steer calves sold mixed with featherweights steady to firm, middleweights 3.00-5.00 lower and 700-800 lb weaned offerings 5.00 higher. Heifer calves sold steady to firm on featherweights, 5.00 lower on middleweights, over 600 lbs sold steady. Market more active after lunch than early. Yearlings lightly tested. Slaughter cows sold 1.00 to 2.00 higher with good demand. Slaughter bulls sold 2.00 to 3.00 higher with good demand.

This week’s supply included 26 percent that weighed over 600 lbs. 32 percent steers and 18 percent bull calves 0.5 percent Holstein Steers and 40 percent heifers of total recorded feeder supply. 108 head of slaughter cows with 91 percent going to slaughter. 28 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates


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