Market Update - July 29, 2014

Posted on Jul 29, 2014
CBOT futures are significantly lower and near the day’s lows. The sell-off began overnight in electronic trading. Negative factors include some technical resistance levels, forecasters adding more rain to the extended forecasts, and negative outside markets. Wheat futures moved to new contract lows. Expect corn and soybean futures to trade according to the latest forecast trend.

Live cattle futures are down slightly after setting the day’s highs in the opening minutes of pit trading. Monday’s late-day weakness has traders cautious even though boxed beef values were very strong Monday. Feeder Cattle were stronger early today.

Lean Hog futures are lower weighed by the sharp sell-off in the August LH contract. The pork cutout closed out yesterday very weak and nearby pork supply appears plentiful.

The FOMC is meeting today and tomorrow with its policy statement being released tomorrow afternoon. Financial markets lost early strength on news that the EU has joined the US in new sanctions on Russia.

Corn Sep -7 361; Dec -6 370 (369-77) Bean Aug -9 1228; Sep -13 1124; Nov -13 1094 Meal Aug -4 399; Oct -4 356 Oil -31 3621 Wheat Sep -14 521; Dec -14 544; Jly -13 593 KC -13 613; MGE -11 610 Oats -12 354 Rice +2 1294

LC Aug -20 15885; Dec +20 15945 FC Aug +25 22042; Oct -5 22080 LH Aug -172 12195; Oct -107 10555 Milk Aug +7 2167; Sep +8 2115

US$ steady

Dow -.1% SP -.2% NAS steady Tran -.8% VIX +2% 12.82

WTI -.7% Brent +.1% Gas +.6% NG -.1% HO +.5% Eth -.3% Gold -.3% Slvr +.3%

5-yr -.012 1.691% 10yr -.031 2.460% 30yr -.034 3.229%

Blue Grass Stockyards Cattle Auction Report for 07/28/2014 Receipts: 534 Last Monday: 1054 Year Ago: 832 Compared to last week featherweight steers sold 5.00 to 10.00 higher, middleweight steers sold steady to firm, yearling steers sold 2.00 higher with very good demand on a light supply. Featherweight heifers sold 10.00 higher, middleweights sold 2.00 to 5.00 higher and yearling heifers sold 2.00 to 5.00 higher with very good demand on a light supply. Slaughter cows sold 1.00 higher, slaughter bulls sold 2.00 to 3.00 higher with very good demand. Widespread rain over the weekend combined with milder temperatures this week increased demand for featherweight and stocker calves. Light run due to severe storms and locally heavy rainfall yesterday. Total supply included 12% slaughter cows, 04% slaughter bulls, 05% replacements and 80% feeders. Feeder supply 34% steers, 22% bulls, 44% heifers with 32% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates