Market Update - December 19, 2013

Posted on Dec 19, 2013
CBOT futures are trading with modest price changes.  This morning’s USDA Export Sales report was positive for corn and wheat, but disappointing for soybeans.  That’s the direction these markets are moving so far today as there is very little other major news. Some meal/oil spread unwinding probably led to a pause in the month-long drop in soybean oil futures.

Cattle futures are managing small gains this morning after seeing a sharp drop yesterday. Cash cattle reportedly sold in KS at a dollar/cwt under last week. December Live Cattle needs to stay above $130.65 to prevent bigger losses.

5 and 10 year Treasury interest rates are up strongly following the FOMC’s decision yesterday to begin tapering its QE program by $10 billion in January.  Analysts generally expect interest rates to climb in the months to come.  However, today’s economic reports were not favorable.

Corn Mar +3 428 (424-30); Jly +3 443; Dec +2 456 Bean Jan -6 1318 (1316-30); Jly -3 1284; Nov unch 1160 Meal Jan -2 439; Jly -1 409 Oil +2 3908 Wheat Mar +4 617; Jly +4 627 (622-31) KC +2 656; MGE +4 650 Oats -6 348 Rice +3 1530

LC Dec +55 13150; Feb +42 13277; Jun +52 12857 FC Jan +62 16667; Apr +72 16735; Aug +60 16890 LH Feb +15 8650; Jun +20 10012 Milk Dec -3 1898; Jan +2 1924

US$ +.2%

Dow -.1% SP -.2% NAS -.3% Tran -.3% VIX -2.4% 13.47

WTI +.9% Brent +.7% Gas +1.1% NG +4% HO +.6% Eth +4%

Gold -3% Slvr -4.2%

5-yr +.10 1.68% 10yr +.05 2.95% 30yr -.01 3.90%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 12/18/13    Receipts:  4,024   Last Week:  2,980   Year Ago:  2,568

**Total receipts include 369 head sold in cow sale Wed. night ***Lexington sales will resume Jan. 6, 2014

Compared to last week steer calves under 500 lbs sold 5.00 to 10.00 higher with very good demand over 500 lbs sold firm and yearling steers sold 1.00 higher with very good demand.  Heifer calves under 400 lbs and over 500 lbs sold 5.00 to 6.00 higher 400-500 lbs sold steady and yearling heifers sold steady in a limited comparison.  Bull calves sold 5.00 to 10.00 higher with very good demand.  Quality was average through attractive. Slaughter cows and slaughter bulls sold steady to 1.00 higher with good demand.

Total supply included 07% slaughter cows, 01% slaughter bulls, 09% replacements and 83% feeders.  Feeder supply 42% steers, 18% bulls, 40% heifers with 43% of feeders weighing over 600 lbs. 

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates