Market Update - May 29, 2014

Posted on May 29, 2014
CBOT futures are trading similar to Wednesday with corn and wheat lower and soybean showing some strength, especially in the old-crop contracts.  Soybean futures rallied until the middle of the night and then began to weaken.  When e-trade reopened at 830 am CT, CBOT futures were hit with selling.  Corn and wheat futures are now at/near the day’s lowest prices.  Weather is favorable and the large funds are very long the corn and soybean market and needing to get out of their JULY contracts pretty soon (they might roll these positions).

Cattle futures are soaring as traders appear optimistic that recent boxed beef strength will translate to higher cash cattle prices. Deferred Feeder Cattle contracts broke out to new highs.

Lean Hog futures are down on weaker cash markets.  Fob Plant Pork down 1.73 to 113.52.

Corn Jly -4 468; Dec -4 465

Bean Jly +3 1501; Nov +1 1244

Meal Jly unch 499; Oct +2 409

Oil -25 3938

Wheat Jly -7 631; Dec -8 662

KC -7 729; MGE -4 714

Oats +6 355

Rice unch 1505

LC Jun +207 13822; Dec +150 14620

FC Aug +217 19775; Oct +207 19872

LH Jun -100 11355; Dec -70 9430

Milk Jun -35 2068; Jly -39 2018

US$ -.1%

Dow +.1%

SP +.2%

NAS +.3%

Tran steady

VIX +.7% 11.76

WTI +.7%

Brent +.1%

Gas +.3%

NG +.3%

HO -.1%

Eth unch

Gold -.3%

Slvr -.4%

5-yr +.01 1.48% 10yr -.02 2.415% 30yr -.015 3.273%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/28/14 Receipts:  1,826   Last Week:  2,109   Year Ago:  1,187

***Total receipts include 342 head sold in cow sale Wed. night.

Compared to last week steer calves under 600 lbs sold 2.00 to 4.00 lower; over 600 lbs sold steady with good demand on an average to good quality offering with fewer weaned calves on the market this week compared with last week.  Heifer calves sold steady except featherweights under 400 lbs 10.00 lower in a light test and 600-700 lbs heifers sold 5.00 lower in a light test.  Quality was average through good.  Yearling steers sold 1.00 to 3.00 higher with very good demand, yearling heifers lightly tested.

Exceptionally good demand for weaned Holstein packages this week with a fancy offering of reputation calves from one farm.  Slaughter cows sold steady to 2.00 higher and slaughter bulls sold steady to 1.0   higher with good demand.

Total supply included 06% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 77% feeders.  Feeder supply 69% steers, 12% bulls, 19% heifers with 46% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates