Market Update - January 28, 2014

Posted on Jan 28, 2014
CBOT futures are again trading in both directions and the soy complex are reversing direction from Monday (old-crop down/new-crop up, meal down/oil up).  The market lacks strong market news to drive prices.  Wheat is supported by Chicago and KC contracts ability to not break chart support and some worries about winterkill in areas that the snow melted over the weekend.

Livestock futures are trading lower and near the lows of the day. Cattle are generally within Monday’s trading range.   Choice Beef is up about a dollar/cwt at midday.

A jump in Consumer Confidence is lifting equities even though the December durable orders report was below expectations.  The FOMC is meeting today and tomorrow to decide the Federal Reserves’ monetary policy – will the $10 billion/month easing plan be slowed or accelerated?

Corn Mar +1 433; Jly unch 444; Dec -1 452 Bean Mar -6 1282; Jly -4 1252; Nov +2 1104 Meal Mar -4 426; Oct -1 348 Oil +34 3740 Wheat Mar +4 568; Jly +4 579 KC +1 624;  MGE -1 606 Oats +13 414 Rice unch 1548

LC Feb -30 14285; Apr -2 14052; Jun -17 13187 FC Jan +25 17122; Apr -62 16877; Aug -40 17067 LH Feb -42 8515; Apr -72 9357; Jun +25 10257 Milk Feb +18 2296; Mar +20 2096

US$ +.15%

Dow +.5% SP +.5% NAS unch Tran +.9% VIX -7.5%  16.12

WTI +1.7% Brent +.5% Gas +.3% NG +3.2% HO +.3% Eth +2.4%

Gold -.9% Slvr -1.4%

5-yr -.01 1.57% 10yr steady 2.76% 30yr +.02 3.69%

Blue Grass Stockyards Cattle Auction Report for 01/27/2014

Receipts:  505   Last Monday:  1,686   Year Ago:  819

Compared to last week all classes sold steady in a light test. Quality was mostly average to good. Sloppy fields due to heavy snow, then thawing yesterday combined with bitter cold predicted for today and tomorrow slowed cattle movement today.    Total supply included 11% slaughter cows, 01% slaughter bulls, 04% replacements and 84% feeders.  Feeder supply 46% steers, 17% bulls, 37% heifers with 54% of feeders weighing over 600 lbs. 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

 

Tagged Post Topics Include: Economics, Market updates