Market Update - January 30, 2014

Posted on Jan 30, 2014
CBOT futures are higher and trading at/near the day’s highs as the market has rallied strongly off early morning levels after USDA issued very strong corn export sales reports. Soybean futures traded lower early and reversed to the upside on technical buying. November Soybeans set a new contract low before reversing to the upside.  Wheat is up slightly in sympathy with corn and soybeans and some short-covering after the sharp drop yesterday.  Despite the strong rally, March Corn is still within the 6-week trading range with resistance at 4.36 and 4.41.

Cattle futures are little changed at this time. Over the two previous days, boxed beef values have fallen sharply – Choice down $6.23/cwt to 231.81). February Live Cattle are off about $2.50 from the contract high set last week.  But February LC are still at a steep discount to the last trade in fed steers ($147-150 a week ago).

Lean Hog futures are trading lower, especially in the nearby contracts where weak hog and pork values are pressuring prices.  The summer LH contracts hit new contract highs before turning lower.

US financial markets are rallying today on positive earnings reports and a 4th Quarter US GDP of +3.2%, offsetting a larger-than-expected jobless claims number and disappointing home sales.  The US dollar is stronger and Treasury yields are rising.

Corn Mar +6 434; Jly +5 444; Dec +4 451 Bean Mar +17 1286; Jly +14 1257; Nov +6 1104 Meal Mar +7 430; Oct +4 350 Oil +7 3717 Wheat Mar +3 554; Jly +1 561 KC +4 613; MGE +1 599 Oats -8 413 Rice -1 1543

LC Feb -10 14197; Jun +7 13215; Oct +17 13290 FC Jan -15 17165; Apr -55 16892; Aug -30 17070 LH Feb -57 8595; Apr -47 9332; Jun -17 10315 Milk Feb +22 2313; Mar +19 2115

US$ +.6%

Dow +.9% SP +1.2% NAS +1.9% Tran +1.7% VIX -6.5% 16.23

WTI +1% Brent +.1% Gas +.3% NG -4.2% HO +.2% Eth +1.9%

Gold -1.4% Slvr -1.7%

5-yr +.04 1.54% 10yr +.04 2.73% 30yr +.04 3.66%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 01/30/14

Receipts:  923   Last Week:  2,952   Year Ago:  1,591

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 Sunday combined with bitter cold early week slowed cattle movement.

Total supply included 09% slaughter cows, 02% slaughter bulls, 02% replacements and 87% feeders.  Feeder supply 49% steers, 16% bulls, 35% heifers with 55% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates