Market Update - February 6, 2014

Posted on Feb 6, 2014
CBOT futures are trading mixed after posting gains across the board when CBOT futures started trading at 830 am CST.  Corn and wheat futures have weakened throughout the morning.  Market support comes from optimistic export demand ideas along with some weather worries for US wheat and South American corn/beans. The higher prices seen lately have apparently been rewarded by increased farmer selling which limits further short-term gains.  The best market (not counting OATS) is soybean oil, supported by the palm oil market, higher crude oil and short-covering.

Cattle futures continue to drift lower given the recent weakness in cattle and beef values. Boxed beef is down about $2.00/cwt at midday.

Lean Hog futures set daily highs early this morning and have sold off since then. FOB Plant Pork is down 1.54 at midday to 89.89/cwt.

Corn Mar unch 443; Jly +1 453; Dec +1 458 Bean Mar +13 1329; Jly +12 1293; Nov +6 1118 Meal mar +4 446; Oct +1 350 Oil +67 3890 Wheat Mar -2 585; Jly -2 591 (587-98) KC +1 653; MGE +10 640 Oats +20 limit  463 Rice +5 1537

LC Feb -55 13915; Apr -25 13885; Oct -10 13280 FC Mar -20 16672; Apr -40 16725; Aug -17 17015 LH Feb unch 8645; Apr -70 9430; Jun -25 10515 Milk Feb +17 2325; Mar +22 2105 US$ -.3% Dow +.9% SP +1% NAS +1% Tran +1% VIX -10.5%  17.86

WTI +.8% Brent +.5% Gas +1.4% NG +.5% HO unch Eth +.9%

Gold unch Slvr +.6%

5-yr +.03 1.525% 10yr +.03 2.705% 30yr +.03 3.68%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 02/05/14

Receipts:  2,697   Last Week:  923   Year Ago:  1,403     ***Receipts include 980 head sold in CPH-45 sale Wed. night.

Compared to last week steer and heifer calves sold mostly steady with good demand despite overnight snowstorm Sunday that made for slow travel early morning.  Quality was plain through good.  Yearling steers and heifers sold 2.00 to 3.00 lower with moderate demand.  Slaughter cows sold steady with good demand, slaughter bulls sold 2.00 lower with moderate demand.  Winter weather on weekends has repeatedly slowed cattle movement for early week sales. Buyers reported difficulty shipping loads west this week due to weather.  Softer undertone for lightweight calves late.  Market on light calves dictated by weather.

Total supply included 05% slaughter cows, less than 01% slaughter bulls, 01% replacements and 94% feeders.  Feeder supply 50% steers, 12% bulls, 38% heifers with 51% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates