Market Update - August 30, 2013

Posted on Aug 30, 2013
CBOT futures are mostly lower on profit-taking ahead of the 3-day weekend.  Traders with large positions will be glued to the Weather Channel to see if and where it might rain.  Cooler temperatures are ready to move into the Corn Belt, but precipitation is less certain. One more good rain on a soybean field will add bushels.

Outside markets are once again working against agricultural futures as the US dollar strengthens and energy prices weaken. The decision on attacking Syria seems to have slowed down.

Wheat futures are up in Chicago as traders lighten up on their short positions.

Live Cattle futures tried to rally at the opening bell (9 am)but have sold off since. Reports indicate some fed cattle have traded a dollar/cwt higher than last week’s price.  Feeder Cattle continue to benefit from lower corn futures.  The Sepember FC contract is higher for the fourth day in a row.

Lean Hog futures are narrowly mixed following yesterday’s big gains.  The pork cutout value did not finish yesterday as strong as it showed during the CME session, so traders will wait to see where pork gets priced today.

Corn Sep -4 493; Dec -4.5 477 (476-481)

Bean Sep -12 1417; Nov -21 1347 (1346-1370) Meal Sep -3 464; Dec -8 422 Oil -42 4336

Wheat Sep +3 645; Dec +1 655; Jly +1 667 KC -1 700;  MGE -2 722

Oats -7 340 Rice -7 1565

LC Aug +5 12360 (expires today); Oct -17 12680; Feb unch 13180 FC Sep +47 15670; Oct +55 15855; Jan +60 15840 LH Oct -5 8727; Dec -2 8427; Feb -7 8600 Milk Sep +5 1767; Oct -3 1768

US$ +.2%

Dow -.3% SP -.3% NAS -.7% Tran -.9% VIX +4.2% 17.51

WTI -1.3% Brent -.8% Gas -1.6% NG +.3% HO -1.2% Eth -2.6%

Gold -1% Slvr -2.3%

5-yr -.02 1.59% 10yr -.01 2.76% 30yr -.02 3.69%

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Tagged Post Topics Include: Economics, Market updates