Market Update - August 11, 2014

Posted on Aug 11, 2014
CBOT futures are trading narrowly mixed as traders position themselves for tomorrow’s USDA report at Noon EDT. The average yield from private analysts estimates are 170 bu/acre of corn and 45.6 bu/acre on soybeans per Reuters. The highest yield prediction is 174.8 on corn and 47.0 on soybeans. The August Soybean contract is up more than 40 cents as the “short squeeze” tightens on those paper traders without any soybeans. This contract expires Thursday. Wheat futures are adding to last week’s big losses as Russia/Ukraine tensions have relaxed somewhat.

Cattle futures are mostly lower in follow-through selling to Friday’s limit-down losses. Lean Hog futures are moderately lower except for the nearby August LH contract that’s well below the cash market. The August LH expires this Thursday and should converge with cash. Midday pork cutout values are near steady.

Corn Sep +3 355; Dec +3 366; Dec’15 +1 407 Bean Sep -1 1113; Nov -8 1076; Nov’15 -6 1078 Meal Sep +1 369 Oil -53 3499 Wheat Sep -3 546; Jly -6 598 KC -6 623; MGE -5 614 Oats +2 359 Rice -4 1262

LC Aug -165 15090; Oct -100 14900; Feb +35 15145 FC Aug +27 21560; Oct -47 21350; Mar -17 20532 LH Aug +10 11432; Oct -67 9865; Feb -72 8717 Milk Aug +5 2182; Sep +24 2178

US$ +.1%

Dow +.3% SP +.6% NAS +.9% Tran +1.3% VIX -12.9% 13.74

WTI +.7% Brent +.1% Gas +.3% NG -.5% HO +.7% Eth +1.4% Gold -.2% Slvr +.2%

5-yr +.007 1.617% 10yr +.011 2.426% 30yr +.011 3.237%

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Tagged Post Topics Include: Economics, Market updates