Market Update - May 15, 2014Posted on May 15, 2014
Old-crop soybeans are also under pressure, hitting new lows for the day. Weak economic news seems to be pressuring equities and commodity prices almost across the board.
Live Cattle futures are down on yesterday’s weak beef values and ideas that cash cattle will trade lower than last week. Today’s generally bearish environment is weighing on livestock futures.
US equity markets and Treasury yields are down sharply on disappointing earnings reports from retailers (Walmart) and weak economic reports. The VIX fear gauge is up sharply.
Corn Jly -9 486; Dec -7 482 (480-91) Bean Jly -8 1478; Nov -2 1220 (1219-30) Meal Jly -2 484; Oct +1 392 Oil -32 4106 Wheat Jly -10 680 (677-91) KC -15 791; MGE -9 769 Oats -4 352 Rice +7 1535
LC Jun -62 13682; Dec -70 14425 FC May +50 18590; Aug unch 19245 LH Jun -85 11972; Oct -22 10535 Milk May -4 2260; Jun -17 2077
Dow -1.2% SP -1.4% NAS -1.5% Tran -1.6% VIX +12.5% 13.69
WTI -.8% Brent unch Gas -.7% NG +3% HO -.4% Eth -.9%
Gold -.8% Slvr -1.3%
5-yr -.045 1.52% 10yr -.06 2.48% 30yr -.06 3.32%
Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/13/14
Receipts: 2,252 Last Week: 2,529 Year Ago: 2,248
Compared to Monday’s sale Steer and Heifer calves sold steady to 2.00 higher. Not enough heavy Feeder Cattle for an accurate market comparison but a higher undertone noted. Demand very good for all classes. Attractive set of calves offered this week, many in thin flesh condition well suited for grazing. Limited number of Feeder Cattle over 600 lbs ranging from average to attractive and including consignments of high quality Feeder Steers in light flesh and offered with a good weigh up. While many had hopes of planting this week, cool front moved in early in the week and brought with it needed moisture, although some farmers could have used the dry weather to finish up putting the crop in the ground. Slaughter Cows and Bulls steady. Offerings today did not include the quantity of high yielding cattle on offer yesterday.
Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders. Feeder supply 58% steers, 14% bulls, 28% heifers with 54% of feeders weighing over 600 lbs.
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Tagged Post Topics Include: Economics, Market updates