Market Update - January 16, 2014

Posted on Jan 16, 2014
CBOT futures are little changed today except for Oats rallying to a new contract high and soybean oil falling sharply back toward the past week’s lows.  Soybean oil is pressured by the ongoing strong demand for soybean meal that creates surplus oil and by a steady crude oil market.  CBOT futures did rally sharply at the 830 am CT opening but quickly headed south. Corn futures are at/near the day’s lows.   Traders will have a close eye on the weekend weather forecast for Argentina.

Cattle futures are showing further strength after the cash cattle and boxed beef markets shot higher yesterday.

Hog futures are up slightly under the influence of cattle prices.  The midday pork cutout is up about a dollar/cwt.

Corn Mar unch 426 (425-30); Jly -1 439; Dec -2 449 Bean Mar unch 1318 (1315-30); Jly +1 1282; Nov +4 1122 Meal mar +1 435; Oct +4 353 Oil -25 3808 Wheat Mar unch 568; Jly unch 581 (578-84) KC +4 625; MGE +7 621 Oats +4 397 (hi 402) Rice -2 1562

LC Feb +115 14057; Jun +5 13117 FC Jan +30 16970; Apr +62 16950 LH Feb +12 8672; Jun +30 10150 Milk Jan +11 2094; Feb +65 2169

US$ steady

Dow -.4% SP -.2% NAS steady Tran -.8% VIX +1.4% 12.45

WTI steady Brent -.1% Gas -.4% NG +3.7% HO +.1% Eth +.7%

Gold +.3% Slvr unch

5-yr -.03 1.65% 10yr -.05 2.85% 30yr -.05 3.78%

Russell Springs Livestock Auction   *Cattle weighed at time of sale.*

Cattle Receipts: 1690     Last week: 426      Last year: 568

Compared to last week:   Steer calves 4.00 to 6.00 higher with good demand.  Heifer calves 5.00 to 7.00 higher with good demand. Yearling steers and heifers2.00 higher with good demand. Slaughter cows and bulls 3.00 to 5.00 lower.

This week’s supply included 64 percent that weighed over 600 lbs. 59 percent steer and bull calves and 40 percent heifers of total recorded feeder supply.  57 head of slaughter cows with 99 percent going to slaughter, 12 head slaughter bulls with 100 percent going to slaughter. Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 01/15/2014 Cattle Receipts:  1835   Last Week:  275   Year Ago:  611 Compared with last week steer and heifer calves under 600 lbs sold 10.00 to 20.00 higher with very good demand on an average to attractive quality offering. Over 600 lbs sold 3.00 to 10.00 higher with very good demand. Slaughter cows sold 2.00 to 4.00 lower with moderate demand. Slaughter bulls sold steady with very good demand.  Yearlings limited comparison with last week’s light test.

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Tagged Post Topics Include: Economics, Market updates