Market Update - May 2, 2014
Posted on May 2, 2014Live Cattle futures are down slightly after holding near unchanged overnight. Yesterday’s sharp rally was in response to indications of cash cattle trading a dollar higher to around $148. Beyond the May contract, Feeder Cattle continue to move higher to new contract highs. Choice beef is down 1.10 to 229.24 at midday; Select is down 2.72 to 218.26.
Lean Hog futures are trading lower on generally weak cash hog and pork markets. The May LH contract is heading toward chart support of 115.12.
A better than expected Jobs report this morning is lifting the 2 and 5-year Treasuries, but 10 and 30-year are weaker. Ukraine/Russia situation is getting more tense. This may weigh on Treasury yields and may also support wheat futures.
Corn Jly -8 499 (499-510); Dec -6 494 (493-503) Bean Jly +2 1463; Nov -3 1222 (1219-29) Meal Jly +1 488; Oct -3 390 Oil +31 4147 Wheat Jly +9 716 (706-21); Dec +8 737 KC +19 823; MGE +14 776 Oats -4 349 Rice -12 1539
LC Jun -42 13882; Aug -20 13837; Dec +7 14442 FC May -42 18352; Aug +92 19140; Oct +67 19165 LH May -27 11710; Jun -27 12252; Oct -17 10377 Milk May -5 2280; Jun -13 2169
US$ steady
Dow -.1% SP steady NAS +.2% Tran +.1% VIX -.6% 13.17
WTI +.4% Brent +.9% Gas +.5% NG -.4% HO +.6% Eth -2.9%
Gold +1.4% Slvr +3%
5-yr +.03 1.684% 10yr -.01 2.60% 30yr -.03 3.37% May 1, 2014 Paris Stockyards Cattle Receipts: 1705 Last Week: 1932 Last Year: 2173
Compared to last week, Steers were mostly 3.00 to 6.00 higher, some exceptions up to 10.00 higher. Heifers sold mostly 2.00 to 5.00 higher, with some exceptions up to 10.00 higher. Slaughter Cows and Slaughter Bulls sold steady.
BLUEGRASS SOUTH, Stanford,KY Weighted Average Report for 05/01/2014 Receipts: 1747 Last Week: 2488 Year Ago: 2360
COMPARED TO LAST THURSDAY:FEEDER STEERS UNDER 600 LBS 3.00-5.00 HIGHER,0VER 600 LBS 1.00-3.00 HIGHER,FEEDER HEIFERS STEADY TO 2.00 HIGHER,VERY GOOD DEMAND FOR ALL FEEDER CLASSES, SUPPLY INCLUDED 53 PERCENT OVER 600 LBS AND 40 PERCENT HEIFERS, SLAUGHTER COWS 3.00-5.00 HIGHER,SLAUGHTER BULLS STEADY, VERY GOOD DEMAND FOR SLAUGHTER CLASSES.
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Tagged Post Topics Include: Economics, Market updates
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