Market Update - August 6, 2013

Posted on Aug 6, 2013
New-crop corn and soybean futures are weaker on continued selling pressure based on improved crop condition ratings on Monday and forecasts for great weather into mid-August.  The nearby corn and soybean contracts are showing surprising strength relative to new-crop.   Wheat futures are correcting some of yesterday’s sharp losses.

Cattle futures are trading higher despite Monday’s drop in boxed beef values and several deliveries of cattle against the AUGUST LIVE CATTLE contract which is priced at a premium to the last cash cattle trades.

Lean Hog futures continue to rally on firm pork and hog prices, as well as from Monday’s friendly technical action.

Outside markets are bearish today for commodities except for the weaker US dollar.

Corn Sep +3 472; Dec -3.5 457 (455-462)

Bean Sep -8 1199; Nov -14 1169 (1168-1183) Meal Sep -3 374; Dec -5 346 Oil -46 4236

Wheat Sep +2 647; Dec +1 659; JLY +2 671 KC +4 700; MGE +5 739

Oats +1 336

Rice +5 1581

LC Aug +50 12105; Oct +35 12490; Feb +20 12905 FC Aug +22 15420; Oct +32 15947; Jan +7 15907 LH Aug +37 10060; Oct +92 8642; Feb +35 8457 Milk Aug unch 1796; Sep -11 1828

US$ -.3%

Dow -.7% SP -.6% NAS -.8% Tran -1.2% VIX +6.8% 12.65

WTI -1.3% Brent -.9% Gas -1.6% NG +.1% HO -1.8% Eth +.9%

Gold -1.3% Slvr -.9%

5-yr unch 1.39% 10yr +.01 2.65% 30yr +.02 3.74%

Blue Grass Stockyards Cattle Auction Report for 08/05/2013

Receipts:  997 Last Monday:  832 Year Ago:  456

Compared to last week: Steers sold mostly steady; Heifers steady to 2.00 higher.  Demand good for all classes with increased demand for 300-400 lbs calves.  Today's quality mostly average to attractive, with mostly average flesh and fill conditions.  Temperature continues to be mild for this time of year.   Slaughter Cows mostly steady and Slaughter Bulls sold 2.00 to 3.00 higher with good demand.

Total supply included 9% slaughter cows, 02% slaughter bulls, 3% replacements and 86% feeders.  Feeder supply 34% steers, 29% bulls, 37% heifers with 51% of feeders weighing over 600 lbs. KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates