Market Update - August 29, 2014

Posted on Aug 29, 2014
CBOT futures are mostly lower with Thursday’s gains wiped out. Soybean oil fell to new contract lows on the weakness in global vegoil prices, especially palm oil. Traders will monitor the geo-political environment (Britain raised its terror threat level) and weather forecasts on Monday evening as the electronic markets open. The next Crop report comes on September 11.

The US dollar also reversed yesterday’s weakness and is back near the highs set earlier this week. The US Dollar Index @ 82.61 hasn’t been this high since September 2013. The next target would be the July 2013 high of 84.75.

Cattle futures are firm with the expiring August contract jumping to near $156/cwt on ideas the cash cattle market will hold steady this week. But at midday, boxed beef is sliding lower with Choice down .90 to 245.99/cwt.

Hog futures are sharply higher on cash market enthusiasm as well. The October LH contract has now surpassed the 20-day moving average; there’s little chart resistance in the way.

Corn Sep -5 356; Dec -6 363; Dec’15 -5 404 Bean Sep +6 1080; Nov -6 1022; Nov’15 -5 1034 Meal Sep -2 431; Dec +2 351 Oil -64 3200 Wheat Sep -9 547; Jly -6 599 KC -9 626; MGE +8 620 Oats -2 359 Rice -7 1261

LC Aug +127 15592; Oct +10 15020; Apr unch 15360 FC Sep +27 21742; Nov +70 21362; Mar +62 20850 LH Oct +285 9832; Dec +187 9225; Apr +107 9215 Milk Sep -1 2394; Oct -5 2273

US$ +.2%

Dow +.1% SP +.3% NAS +.5% Tran +.1% VIX -.2% 12.02

WTI +.8% Brent +.4% Gas +.8% NG +.2% HO +.2% Eth +.3% Gold -.1% Slvr -.3%

5-yr -.002 1.630% 10yr +.007 2.341% 30yr +.006 3.077%

Paris Stockyards - August 28 *Cattle weighed at time of sale.* Cattle Receipts: 827 Last week: 1148 Last year: 1097 Compared to last week: Steers sold mostly steady with instances to 2.00 higher. Heifers sold steady with good demand. Slaughter Cows were mostly steady except high dressers which were 2.00 to 4.00 higher. Slaughter Bulls sold steady to 2.00 higher.

 

BLUEGRASS SOUTH Stanford,KY CATTLE WEIGHED AT TIME OF SALE Weighted Average Report for 08/28/2014 Receipts: 1099 Last Week: 2054 Year Ago: 1822 COMPARED TO LAST THURSDAY:FEEDER STEERS UNDER 500 LBS MOSTLY STEADY,500-700 LBS 5.00-8.00 LOWER,700-800 LBS 3.00-5.00 HIGHER,OVER 800 LBS STEADY,FEEDER HEIFERS 2.00-5.00 LOWER, MODERATE TO GOOD DEMAND FOR FEEDER CLASSES, SUPPLY INCLUDED 59 PERCENT OVER 600 LBS AND 36 PERCENT HEIFERS, SLAUGHTER COWS AND BULLS MOSTLY STEADY, GOOD DEMAND.

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Tagged Post Topics Include: Economics, Market updates