Market Update - February 24, 2014

Posted on Feb 24, 2014

Corn and soybean futures picked up today where they left off Friday with growing carryout forecasts weighing on corn prices but crop size concerns for South America driving soybean and meal futures higher.  Wheat futures are higher after a lower start as funds have been covering short positions and charts look friendly. Generally, current CBOT futures quotes are closer to the trading day’s highs than to the lows.

Cattle futures are trading narrowly mixed.  Friday’s Cattle on Feed Report was considered somewhat negative given the larger-than-expected placements and February 1st inventory.  The nearby February Live Cattle contract will trade through Friday and respond to this week’s cash market.

Lean Hog futures are mixed with the closer contract months up slightly.  Support comes from the very strong cash and futures markets seen last week.

The SP 500 Stock Index hit a new record high today.

Corn Mar -4 449; Jly -4 459; Dec -2 462 Bean Mar +12 1383; Jly +11 1356; Nov +5 1158 Meal Mar +8 464; Oct +2 362 Oil -7 4088 Wheat Mar +4 613; Jly +6 616 KC +3 685; MGE -2 662 Oats +9 475 Rice +23 1595

LC Feb +72 14527; Apr -5 14140; Oct -25 13415 FC Mar -45 17025; Apr +22 17142; Aug -2 17397 LH Apr +32 9967; Jun +10 10812; Oct -17 9187 Milk Feb +2 2321; Mar +36 2215

US$ -.1%

Dow +1.1% SP +1.2% NAS +1.1% Tran +1.3% VIX -4.2%  14.06

WTI +.9% Brent +.6% Gas +.4% NG -8% HO unch Eth +2.6%

Gold +1% Slvr +1.5%

5-yr +.01 1.55% 10yr +.01 2.75% 30yr +.01 3.70%

KFB 2014 Farm Chemical Price List  - Click HERE   Ordering deadline is Friday, February 28

 

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

 

 

Tagged Post Topics Include: Economics, Market updates