Market Update - April 22, 2014 - Kentucky Farm Bureau

Market Update - April 22, 2014

Posted on Apr 22, 2014
CBOT futures sold off after the pits opened at 930 am CT, bottomed mid-morning and are rebounding from the lows.  Current prices are mixed with the soy complex under pressure.  Corn is finding support from the corn planting progress reported last night by USDA that was far slower than traders expected. The Corn Belt forecast is not conducive to rapid planting progress. Wheat futures have traded both sides of unchanged as traders have a hard time figuring out how much rain might come to the southern Plains. Soybean futures finished Monday trade on a strong note and continued that overnight. However, as more traders entered the market, selling ensued on concerns that China won’t take as much old-crop soybeans as they’ve purchased and that some of those ships will divert to the U.S. to ease the tight S&D here.  The sharp drop in crude oil price is weighing on soybean oil futures.

Cattle futures are up strongly on renewed optimism for cash cattle price this week. At midday, boxed beef values are adding to Monday’s strong gains – Choice is up 2.26 and Select is up 1.23.

Lean hog futures are higher except for the nearby May contract. Big gains in the cattle pit may be lifting hogs.  Today, FOB Plant Pork is down .84 to 118.58/cwt; ham values are falling with ribs and picnic values firming.

Corn May +5 494; Jul +5 499; Dec +5 495 (489-95) Bean May -13 1486; Jly -10 1477; Nov -7 1216 (1208-31) Meal May -3 482; Oct -2 381 Oil -27 4273 Wheat May +1 669; Jly unch 676 (669-81) KC +1 743; MGE +1 721 Oats -2 393 Rice -1 1518

LC Apr +45 14390; Jun +85 13540; Oct +97 13830 FC May +72 17882; Aug +75 18265; Oct +90 18265 LH May -30 12050; Jun +97 12332; Oct +130 9990 Milk May +6 2190; June -1 2000

US$ -.05%

Dow +.6% SP +.5% NAS +1% Tran +.6% VIX -2.4%  12.93

WTI -1.8% Brent -1% Gas -.5% NG +.7% HO -.8% Eth +.7%

Gold -.6% Slvr +.1%

5-yr +.01 1.73% 10yr unch 2.72% 30yr -.01 3.52%

Glasgow, KY  Farmers Livestock Market Weighted Average Report for 04/21/2014 Receipts:  1314    Last Week:  1569    Year Ago:  2064

Compared to last week: Steers and heifers sold 2.00 higher. Supply consisted of 16 percent over 600 LBS, 46 percent heifers. Slaughter cows and bulls sold 2.00 higher. BLUEGRASS SOUTH Stanford,KY "CATTLE WEIGHED AT TIME OF SALE" Weighted Average Report for 04/21/2014

Receipts:  833    Last Week:  818    Year Ago:  1205 "TOTAL FOR TODAY INCLUDES COW SALE FRI 358 HD "

COMPARED TO LAST MONDAY:FEEDER STEERS STEADY TO 2.00 HIGHER, FEEDER HEIFERS 1.00-3.00 HIGHER,VERY GOOD DEMAND ON AN A GOOD TO ATTRACTIVE OFFERING, SUPPLY INCLUDED 37 PERCENT OVER 600 LBS AND 25 PERCENT HEIFERS, SLAUGHTER COWS AND BULLS MOSTLY STEADY,GOOD DEMAND.

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Tagged Post Topics Include: Economics, Market updates


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