Market Update - May 1, 2015

Posted on May 1, 2015
CBOT futures are lower across the board with major commodities adding to Thursday’s losses. Selling is encouraged by a stronger US Dollar and by favorable weather forecasts which will speed corn/bean planting and may provide southern Plains wheat with plentiful moisture.

Cattle futures are trading lower after trading higher when markets opened at 8 am CT. Traders have been questioning where cash cattle will trade this week. Sharply lower boxed beef today is weighing on futures. Choice Beef down 2.40 at 254.50 and Select down 1.67 at 242.38.

Lean Hog futures are trading mixed. LH futures had moved higher late yesterday and early this morning before sliding lower. The recent rally in LH futures has been supported by a big jump in cash hog prices. Pork values have also firmed but not to the same degree as cash hog price. FOB Plant Pork up .64 at 73.92. The nearby May LH contract rallied about $9 during April before reversing lower today. This encourages profit-taking selling by the longs.

Corn Jly -5 361; Dec -5 379 Bean Jly -13 963; Nov -13 939 Meal -5 311 Oil -15 3150 Wheat Jly -4 470; Dec -5 497 KC -2 497; MGE -3 535 Oats -7 237 Rice -9 1020

LC Jun -97 14872; Oct -76 14892; Dec -60 14987 FC May -55 21242; Aug -82 21387; Oct -60 21265 LH May -27 7667; Jun -17 8125; Oct +57 7245 Milk May +4 1626; Jun +6 1640

 

US$ +.6% Dow +.6% SP +.6% NAS +.6% Tran +1.3% VIX -6.8% 13.56

WTI -1.6% Brent -1.5% Gas -1.6% NG +1.5% HO -1% Eth -1.4% Gold -1% Slvr -1%

5-yr +.054 1.494% 10yr +.068 2.112% 30yr +.075 2.827%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/28/15 Receipts: 2345 Last Week: 2141 Year Ago: 2594 Compared to last week steer calves sold 2.00 to 5.00 higher with good demand yearlings sold steady to 2.00 higher in a light test. Heifer calves sold 2.00 to 5.00 higher with good demand; 400-500 lbs and 600-700 lbs sold 3.00 to 7.00 higher with very good demand for replacement quality offerings with no implants. Average to good quality offering this week. Slaughter cows and slaughter bulls sold firm with good demand. Total supply included 08% slaughter cows, 02% slaughter bulls, less than 01% replacements and 90% feeders. Feeder supply 35% steers, 22% bulls, 43% heifers with 36% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates