Market Update - January 22, 2015

Posted on Jan 22, 2015
CBOT futures are mixed at midday but have bounced off the morning lows in the past half-hour. Market pressure comes from a much stronger US Dollar which results from this morning’s ECB announcement of a large quantitative easing program for the EU (this was expected). Soybeans felt the most pressure when trading opened at 830 am CT as South American export competition should be growing and soybean oil is down again.

Cattle futures are strongly higher and remain near the day’s highs as futures have trended up throughout the morning. This rally is probably technical in nature since boxed beef is mostly lower and cash cattle are down $3-4/cwt from last week. CHOICE beef is down 1.28 to 255.91 and Select is up .71 to 249.12.

Lean Hog futures are up slightly this morning, also on technical buying following yesterday’s upside reversal. Cash markets remain negative with FOB Plant Pork down 2.48 to 84.56 on sharply lower values for ham, loin and butt cuts.

Corn Mar -2 386; Jly -1 401; Dec unch 415 Bean mar -4 979; Jly -4 990; Nov -3 962 Meal unch 330 Oil -41 3200 Wheat Mar +2 539; Jly +2 546 KC -1 571; MGE unch 581 Oats +1 292 Rice -11 1125

LC Feb +115 15485; Apr +162 15350; Oct +132 14852 FC Jan +125 21695; Mar +295 20825; Aug +217 21157 LH Feb +60 7295; Apr +17 7440; Jun +45 8460 Milk Feb +2 1460; Mar -8 1424

US$ +1.1%

Dow +.6% SP +.6% NAS +.9% Tran +2% VIX -8.6% 17.23

WTI -3.2% Brent -1.3% Gas -.9% NG -6.9% HO -.3% Eth -.8% Gold +.8% Slvr +1.1%

5-yr +.025 1.361% 10yr +.022 1.873% 30yr +.021 2.459%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 01/21/15 Receipts: 3356 Last Week: 2152 Year Ago: 3987 **Total receipts include 986 head sold in CPH sale Wed. night. Compared to last featherweight steers sold 2.00 to 5.00 higher with good demand, middleweight steers sold steady to 5.00 lower with moderate demand. Yearling steers sold 2.00 to 4.00 lower with moderate demand. Featherweight heifers sold steady, middleweights sold steady to 7.00 lower with light to moderate demand. Yearling heifers sold 10.00 lower in a limited comparison. Slaughter cows sold steady to 5.00 lower with moderate demand. Slaughter bulls sold steady to 3.00 lower with moderate demand. Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders. Feeder supply 47% steers, 14% bulls, 39% heifers with 62% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates