Market Update - April 17, 2014

Posted on Apr 17, 2014
Corn and soybean futures traded higher overnight but have been selling off during the morning trade.  Soybeans hit new contract highs before reversing lower. Traders may be lightening their positions ahead of the 3-day Easter weekend. There’s more talk of China defaulting on nearby soybean imports.  Wheat futures are higher but well off the day’s highs set about 845 am. Wheat futures have been on a roller coaster ride since yesterday’s close with an upward bias.  Ukraine situation is more tense.

Cattle futures are trading lower and not far from lows set in the past hour. The mixed signals from cash cattle and boxed beef may have the funds cutting their long positions before the long weekend.

Lean hog futures are trading mixed.  The nearby LH contracts stopped short of breaking above the highs from the last two days and have since backed down a bit. Yesterday’s afternoon trade was negative so the April LH is under pressure.

Corn May -4 494; Jly -4 499; Dec -2 496 (496-503) Bean May -7 1512; Jly -7 1502; Nov +2 1239 (1234-44) Meal May -5 486; Oct +2 388 Oil -16 4355 Wheat May +4 692; Jly +4 699 (693-709) KC +7 768; MGE +7 742 Oats -2 403 Rice +1 1539

LC Apr -105 14470; Oct -42 13742 FC May -162 17827; Aug -160 18137 LH May -62 12225; Oct +40 9950 Milk May +6 2206; June +10 2048

US$ -.1%

Dow steady SP +.1% NAS +.3% Tran +.2% VIX -5% 13.47

WTI +.7% Brent -.3% Gas +.7% NG +3.7% HO +.2% Eth -.5%

Gold -.3% Slvr -.1%

5-yr +.05 1.71% 10yr +.05 2.69% 30yr +.03 3.49%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/15/14 Receipts:  2,559   Last Week:  2,891   Year Ago:  3,445

Compared to last week steer calves sold steady to firm with very good demand on an active market with mostly good through attractive calves.  Heifer calves sold 2.00 to 5.00 higher with very good demand some 400-500 lbs heifers 7.00 to 10.00 higher with some farmer participation in the market driving demand higher.  High prices pushing many lightweight calves to town.  Yearling cattle lightly tested.  Slaughter cows sold 2.00 to 3.00 higher with very good demand.  Slaughter bulls sold steady with good demand.

Total supply included 08% slaughter cows, 02% slaughter bulls, less than 01% replacements and 90% feeders.  Feeder supply 47% steers, 16% bulls, 37% heifers with 39% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates