Market Update - January 24, 2014

Posted on Jan 24, 2014
CBOT futures are mostly lower with the exception of soybean meal and oats. Even with better than expected weekly export sales for corn and soybeans, those prices are weaker as the financial markets are in a bit of turmoil with emerging market currencies falling in value and equity markets dropping on concerns of a slowing Chinese economy.

Corn reversed yesterday’s gains on talk that China will reject further corn imports containing unapproved GMO traits.  Ethanol futures are under pressure from growing ethanol stocks.

Cattle futures are lower with yesterday’s turnaround in boxed beef values.  The midday update shows cutouts at near steady levels.  The financial markets may make the longs in cattle futures a little nervous.

The extended severe cold period in the eastern US is supporting Natural Gas in a big way and Heating Oil less so.  Propane price is up 25% from a week ago.

The safety trade continues to push Treasury yields down but are not lifting Gold prices today.

Corn Mar -1 427; Jly -1 440; Dec -1 448 Bean Mar -3 1273; Jly -6 1244; Nov -3 1106 Meal Mar +1 420; Oct +2 349 Oil -37 3749 Wheat Mar -6 564; Jly -6 576 KC -4 628; MGE -3 614 Oats +5 394 Rice -1 1541

LC Feb -107 14285; Jun -22 13200 FC Jan -37 17000; Apr -97 16937 LH Feb +95 8652; Apr +77 9372 Milk Feb +7 2242; Mar unch 2045

US$ +.05%

Dow -1.1% SP -1.3% NAS -1.5% Tran -3.2% VIX +17.3% 16.15

WTI -.9% Brent -.2% Gas -.3% NG +5.8% HO +1.4% Eth -2.5%

Gold +.1% Slvr -1%

5-yr -.07 1.54% 10yr -.06 2.73% 30yr -.04 3.65% Jan 23, 2014 Paris, KY - (cattle weighed at time of sale) Cattle Receipts:  890 Last Week:  2902 Last Year:  755 Compared to last week, Steers were mostly 2.00 to 4.00 higher, 500-600 lbs 5.00 to 7.00 higher.  Heifers below 500 lbs sold 2.00 to 3.00 higher, above 500 lbs steady to 2.00 higher.  Slaughter Cows were 1.00 to 2.00 higher and Slaughter Bulls 2.00 higher.

Feeder Steers:  Medium and Large 1-2  300-400 lbs 207.50-210.00, ind 232.50; 400-500 lbs 194.00-212.00, ind 221.00; 500-600 lbs 186.00-200.50; 600-700 lbs 172.00-181.00 including 29 head (black) 644 lbs 179.50; 700-800 lbs 164.00- 168.75; 800-900 lbs 163.00; 900-1000 lbs 64 head (mixed) 942 lbs 154.00.  Medium and Large 2  300-400 lbs 190.00-202.50; 400-500 lbs 180.00-187.00; 500-600 lbs 150.00; 600-700 lbs 160.00; 700-800 lbs 151.00. 

KENTUCKY CASH GRAIN PRICES Click Here 

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Tagged Post Topics Include: Economics, Market updates