Market Update - March 25, 2014

Posted on Mar 25, 2014
CBOT futures are trading mixed with minimal price changes and much smaller trading ranges than seen Monday. News impacting corn includes China rejecting shipments due to non-approved GMO content and very high ethanol prices.  The wheat rally sputtered today after Monday’s TX/OK/KS crop condition reports didn’t show as much wheat crop deterioration as “hoped for”.

Cattle futures are up slightly as Monday’s higher boxed beef values give buyers some courage.  The April LC contract is about $6/cwt discount to last week’s light trade at $150/cwt.

Lean Hog futures are down sharply on another day of profit-taking ahead of Friday’s USDA hog report.  Also, at midday, pork values are down more than $2.00/cwt.

Corn May -3 487; Jly -3 492; Dec -2 485 Bean May +7 1432; Jly +5 1404; Nov +5 1189 Meal May +3 465; Oct +1 377 Oil +16 4100 Wheat May -2 713; Jly -1 715 KC Jly unch 790; MGE -1 758 Oats -14 404 Rice -9 1542

LC Apr +12 14427; Jun +22 13665; Oct +22 13862 FC Mar +75 17745; Apr +95 17725; Aug +67 17960 LH Apr -225 12250; Jun -257 12562; Oct -262 10262 Milk Apr -17 2392; May -9 2200

US$ +.2%

Dow +.2% SP +.1% NAS -.4% Tran +.6% VIX -1.2%  14.91

WTI +.3% Brent +.4% Gas unch NG +2.4% HO +.7% Eth -.6%

Gold unch Slvr unch

5-yr -.02 1.72% 10yr unch 2.74% 30yr +.01 3.59%

Blue Grass Stockyards Cattle Auction Report for 03/17/2014 Receipts:  2,045   Last Monday:  662   Year Ago:  638 Compared to last week steer and heifer calves sold steady; featherweight calves sold firm with very good demand on an average through attractive quality offering.  Yearlings sold steady with good demand.  Slaughter cows sold 1.00 to 2.00 higher with very good demand.  Slaughter bulls sold steady with very good demand.  Big run of cattle pushed to town due to good market and approaching storm. Total supply included 11% slaughter cows, 02% slaughter bulls, less than 01% replacements and 87% feeders.  Feeder supply 30% steers, 27% bulls, 43% heifers with 28% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates