Market Update - March 3, 2014

Posted on Mar 3, 2014
Several commodity markets are reacting to the Russian invasion of the Crimean region of the Ukraine.  Grain futures soared higher through the night on fears that exports from that region will be reduced or world buyers may end up boycotting Russian supplies.  However, the market peaked at 5 am CST with corn and soybeans steadily weakening since then.  However, wheat futures pushed even higher at mid-morning.  Since soybeans aren’t exported from the Ukraine, soybean futures gave up all the rally and have turned negative.

Cattle futures are lower with feeders hit hard by rising corn futures.  With April Live Cattle futures not immediately tied to the cash cattle market, traders may be cautious about pushing prices higher for now. However, boxed beef values are up $3.50-4.50/cwt this morning.

However, last Friday’s rising cash hog and pork values had bullish traders going crazy in April LH futures – this contract already hit the $3.00 limit up today but has backed off since.  But with pork near steady this morning, the April LH contract has lost nearly 2/3 of its rally.

Energy futures and gold prices are higher on the increased risk/uncertainty surrounding Russia’s aggressive moves.  Treasury rates are falling as money seeks the “safe” investment.

Corn May +4 468 (hi 483); Jly +5 473; Dec +2 473 (hi 484) Bean May -8 1405 (hi 1437); Jly -7 1378; Nov -4 1165 (hi 1179) Meal May -8 450 (hi 464); Oct -5 363 Oil +58 4237 Wheat May +23 626; Jly +21 630 (616-648) KC May +23 697; MGE +16 672 Oats +19 481 Rice -38 1525 (hi 1570)

LC Apr -100 14397; Jun +12 13432; Oct -37 13537 FC Mar -85 17085; Apr -110 17197; Aug -102 17455 LH Apr +107 10792; Jun -20 11202; Oct -57 9342 Milk Mar -25 2190; Apr -62 2023

US$ +.25%

Dow -1.3% SP -1% NAS -1.4% Tran -1.1% VIX +16%  16.38

WTI +1.8% Brent +1.9% Gas +1.1% NG -.8% HO +1.9% Eth -1%

Gold +2.3% Slvr +1.4%

5-yr -.05 1.46% 10yr -.05 2.60% 30yr -.03 3.55%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

 

Tagged Post Topics Include: Economics, Market updates