Market Update - May 2, 2014

Posted on May 2, 2014
CBOT futures are trading mixed with weather driving corn lower and wheat higher, especially in KC and MGEX.  Corn and soybeans traded both sides of unchanged with prices trying to rally about sunrise but came under pressure when e-trade started at 830 am CT.  Soybean futures are also on the negative side due to concerns about China’s nearby demand for soybeans.  Ethanol futures are down sharply as stocks have been growing.

Live 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