Market Update - August 7, 2013

Posted on Aug 7, 2013
CBOT futures are mostly lower with some gains in the nearby soybean contracts and soybean meal futures.  Relatively small price changes in corn and soybeans indicate little fresh news to drive markets as traders sort out the private yield estimates and prepare for Monday’s USDA “OFFICIAL” numbers.  The average trade estimates are near 14 billion bushels of corn and 3.34 billion bushels of soybeans.

Live Cattle futures are higher with the nearby August contract up the most on yesterday’s improved boxed beef values.  Cash feedlot trade has not been established.

Lean Hog futures are mixed with the soon-to-expire AUGUST contract moving on to new highs on strong cash pork and hog markets.

Financials are weaker today following large equity losses in Japan and news that President Obama cancelled a planned September meeting with Russia’s Putin.  Energy futures are weaker on larger than expected stocks of gasoline and distillates.

Corn Sep -3 469.5; Dec -1 458.5

Bean Sep +8 1201; Nov +1 1168 Meal Sep +7 378; Dec +2 348 Oil -27 4194

Wheat Sep -9 641; Dec -9 654; JLY -8 667 KC -5 697; MGE -3 736

Oats +10 350

Rice -21 1548

LC Aug +52 12145; Dec +25 12755 FC Aug -115 15310; Oct -80 15907 LH Aug +62 10117; Oct -5 8640 Milk Aug +1 1796; Sep +20 1789

US$ -.4%

Dow -.5% SP -.6% NAS -.7% Tran -.9% VIX +7% 13.62

WTI -.3% Brent -.5% Gas -1% NG -2.2% HO -1% Eth -.2%

Gold +.2% Slvr -.1%

5-yr -.01 1.38% 10yr -.02 2.62% 30yr -.03 3.70%

Blue Grass Stockyards Cattle Auction Report for 08/06/2013

Receipts:  1,246   Last Tuesday:  968   Year Ago:  456 Compared to Monday: Steers sold steady to 2.00 higher; Heifers 1.00 to 2.00 higher.  Demand good for all classes.  Today's offering mostly load lot consignments of high quality cattle, many of which were offered in average to thin flesh and favorable weigh-ups.  Slaughter Cows and Bulls 1.00-2.00 lower.

Total supply included 4% slaughter cows, 01% slaughter bulls, 0% replacements and 95% feeders.  Feeder supply 60% steers, 7% bulls, 33% heifers with 71% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates