Market Update - August 28, 2014

Posted on Aug 28, 2014
Wheat futures are leading the CBOT higher on concerns that Russia is invading Ukraine and impact wheat exports from the Black Sea region. Given that the funds are short wheat futures, this uncertainty is driving short-covering and could encourage technical buying as short-term resistance levels are exceeded. These factors are also supporting corn and soybeans, especially with the strength in nearby soybean meal price.

Cattle futures are stronger on apparent optimism that the cash markets will hold steady to firm this week. At midday, Choice beef is down .20 to 247.07 and Select is down 2.02 to 235.58. Lean Hog futures are trading lower on yesterday’s late-day drop in the pork cutout value. It’s near steady at midday.

Corn Sep +2 358; Dec +2 367 Bean Sep +4 1090; Nov +3 1027 Meal Sep +6 422; Dec +3 347 Oil -20 3247 Wheat Sep +11 558; Jly +8 607 KC +12 640; MGE +7 618 Oats +1 361 Rice -11 1268

LC Aug +147 15467; Oct +205 14987; Apr +82 15250 FC Aug +20 21835; Sep +120 21567; Mar +42 20650 LH Oct -65 9527; Dec -55 8995; Apr -17 9097 Milk Sep -14 2384; Oct -44 2261

US$ steady

Dow -.3% SP -.2% NAS -.2% Tran -.4% VIX +3.6% 12.22

WTI +.3% Brent -.2% Gas -.1% NG -.3% HO -.4% Eth +.6% Gold +.5% Slvr +.7%

5-yr -.010 1.643% 10yr -.021 2.340% 30yr -.035 3.074%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 08/27/14

Receipts: 1,968 Last Week: 1,469 Year Ago: 2,763 ***Total receipts include 358 head sold in cow sale Wed. night. Compared to last week steer and heifer calves under 600 lbs sold 3.00 to 5.00 lower with moderate demand on a plain to good quality offering; 600-700 lbs sold steady with more weaned 600-700 lbs calves on the market Tuesday. Quality was average through good. Yearling steers compared to last week sold 8.00 to 10.00 lower with light demand. Yearling heifers steady to weak in a light test. Slaughter cows sold 2.00 higher with very good demand. Slaughter bulls sold steady with good demand. Good quality weaned 600-700 lb calves in good demand; market softer for all other calves.

Total supply included 07% slaughter cows, 01% slaughter bulls, 18% replacements and 74% feeders. Feeder supply 45% steers, 16% bulls, 39% heifers with 56% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates