Market Update - August 13, 2014

Posted on Aug 13, 2014
CBOT futures edged higher overnight but sold off soon as the 830 am electronic trading opened. CBOT futures are narrowly lower, pressured by the old-crop soybean contracts. The August Soybean Meal contract is getting squeezed today with a jump of $33 to $433/ton. August soy complex contracts expire at Noon tomorrow.

CBOT pressure continues from Tuesday’s USDA reports as well as a declining crude oil market & stronger US dollar.

Cattle futures continue to lose value as the bearish momentum is sustained on news of fed cattle selling for $155/cwt, down $3-5 from last week. August Live Cattle traded down to early-July chart support and have rebounded some.

Lean Hog futures are trading higher, erasing a small part of Tuesday’s big losses. Need to see some stability in the Pork cutout. August Live Hog futures expire tomorrow.

Corn Sep -2 357; Dec -1 368 Bean Sep -9 1085; Nov -9 1051 Meal Sep +5 370; Dec -1 343 Oil -48 3416 Wheat Sep -4 534; Jly -2 590 KC -5 608; MGE -3 605 Oats +9 368 Rice +1 1266

LC Aug -200 14762; Oct -190 14577; Feb -100 15007 FC Aug -105 21350; Oct -175 21195; Mar -105 20445 LH Aug +77 11485; Oct +2 9720; Feb unch 8725 Milk Aug -3 2199; Sep -2 2204

US$ +.1%

Dow +.7% SP +.7% NAS +1% Tran +.9% VIX -7.6% 13.05

WTI -.1% Brent -.3% Gas -.5% NG -.7% HO unch Eth unch Gold unch Slvr +.4%

5-yr -.025 1.590% 10yr -.016 2.426% 30yr -.010 3.257%

Today’s CME Daily Livestock Report highlights a key factor leading to the sharp drop in the pork cutout the past week.  Ham prices had risen on Russian demand but with the new 1-year ban on U.S. ag products, the market has dropped dramatically. Read DLR newsletter here.

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates