Market Update - August 27, 2013

Posted on Aug 27, 2013
CBOT futures have been quite volatile today with early strength before 9 am CDT being wiped out quickly right after that.  Corn futures have been fighting back (up 5) from those lows but soybean futures have weakened again to trade down toward those post-9 am lows. Trading volume has fallen sharply at midday.  Traders will watch closely the midday weather model updates for a change in the forecasts.

The real action is in the outside markets today with an impending US action against Syria creating sharp gains in energy and precious metal prices and big losses in the equity markets.   Treasury yields are down a little as money seeks safety.

Cattle markets are trading opposite of Monday’s price action.

Corn Sep -8 508 (hi 519); Dec -4 496 (491-504)

Bean Sep +6 1434; Nov +2 1392 (1382-1409)

Meal Sep +5 464; Dec +2 439

Oil unch 4444

Wheat Sep +2 656; Dec +2 669; JLY +1 682

KC +3 712; MGE +5 734

Oats +9 363;

Rice +16 1640

LC Aug -40 12300; Oct -42 12672; Feb -22 13135

FC Aug +27 15467; Oct +72 15657; Jan +117 15680

LH Oct +62 8665; Dec +52 8360; Feb +27 8547

Milk Aug +1 1790; Sep +13 1772

US$ -.2%

Dow -111 14836

SP -18 1639

NAS -52 3605

Tran -156 6324

VIX +9.2% 16.37

WTI +2.8%

Brent +2.9%

Gas +2.7%

NG -.5%

HO +2.5%

Eth -1.3%

Gold +1.9%

Slvr +2.6%

5-yr -.03 1.56%

10yr -.03 2.76%

30yr -.03 3.74%

Blue Grass Stockyards Cattle Auction Report for 08/26/2013 Receipts:  1185   Last Monday:  948   Year Ago:  1152

Compared to last week steer and heifer calves sold steady to 2.00 lower with good demand on an average quality offering.  Yearling steers and heifers sold steady with good demand however a softer undertone noted as corn futures opened higher for the first time in recent weeks.  Slaughter cows and slaughter bulls sold about steady with good demand. Total supply included 07% slaughter cows, 02% slaughter bulls, Less than 01% replacements and 91% feeders.  Feeder supply 44% steers, 23% bulls, 33% heifers with 57% of feeders weighing over 600 lbs.

 

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Tagged Post Topics Include: Economics, Market updates