Market Update - December 2, 2014

Posted on Dec 2, 2014
CBOT futures are lower and near the day’s lows following a sharp drop in soybean oil helping to pressure soybean futures. Energy futures are down sharply and the US dollar is up strongly – both of these work against U.S. commodity prices.

Cattle futures are strongly lower as Monday’s weakness carries into today. Choice beef is down .61 to 256.87.

Lean Hog futures are mostly lower despite higher pork cutout values. Traders remain cautious that supplies are growing. Weakness in the cattle pit also hurts. FOB Plant Pork is up .72 to 94.64 on strong values for loins and picnics.

Corn Mar -5 384; Jly -5 399; Dec -5 413 Bean Jan -14 1003; Jly -14 1021; Nov -14 983 Meal Jan -3 359; Jly -4 337 Oil -77 3145 Wheat Mar -1 605; Jly -2 614 KC -5 659; MGE -1 637 Oats unch 306 Rice +8 1222

LC Dec -147 16847; Feb -170 16915; Jun -115 16105 FC Jan +95 23502; Mar -25 23295; Aug -42 23400 LH Dec -62 8950; Feb +35 8927; Jun -80 9670 Milk Dec +15 1790; Jan +24 1645

US$ +.7%

Dow +.3% SP +.4% NAS +.4% Tran +.9% VIX -6.6%

WTI -1.6% Brent -1.5% Gas -2.5% NG -2.4% HO -1.8% Eth -1.2% Gold -1.6% Slvr -1.6%

5-yr +.051 1.573% 10yr +.050 2.268% 30yr +.041 2.987%

Blue Grass Stockyards Cattle Auction Report for 12/01/2014 Receipts: 1633 Last Monday: 928 Year Ago: 2128 Compared to last week steer and heifer calves under 700 lbs sold 3.00 to 10.00 higher with very good demand some featherweight steers 10.00 to 14.00 higher and some featherweight heifers 20.00 to 25.00 higher with exceptionally good demand. Yearling steers and heifers lightly tested. Good quality offering today. Slaughter cows sold steady to 1.00 lower with good demand. Slaughter bulls sold steady with good demand. CME feeder calf futures up the limit this afternoon. Total supply included 11% slaughter cows, 02% slaughter bulls, less than 01% replacements and 87% feeders. Feeder supply 39% steers, 23% bulls, 38% heifers with 40% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates