Market Update - November 11, 2014

Posted on Nov 11, 2014
CBOT futures are trading mixed with the only strength located in the SOY complex. Demand for soybean meal and soybeans remains strong in the cash market. Corn and wheat futures erased early morning losses after deciding to follow soybean futures higher after the 930 am pit opening.

Cattle futures are little changed today as traders look for more cash market direction. Choice beef is up 1.08 to 250.22/cwt at midday.

Lean Hog futures are up slightly but this is the 4th straight day higher. While the pork cutout dropped Monday, this morning it’s up sharply with FOB Plant Pork up 2.97 to 96.76/cwt. Some may be concerned the falling temperatures in the middle of the country could slow down hog movement to market.

Corn Dec +1 370; May unch 391; Dec15 unch 415 Bean Jan +18 1044; May +17 1052; Nov +9 1020 Meal Dec +12 393; May +7 350 Oil +28 3264 Wheat Dec +1 518; Jly -2 539 KC unch 573; MGE +6 560 Oats unch 336 Rice -10 1162

LC Dec +17 16730; Feb unch 16852; Jun +45 15735 FC Nov -25 23857; Jan -20 23255; Mar +47 23077 LH Dec +47 9002; Feb +82 8992; Apr +47 9127 Milk Nov -2 2173; Dec -10 1889

US$ -.2%

Dow steady SP steady NAS steady Tran +.1% VIX +1.3%

WTI -1% Brent -1.9% Gas -1% NG -.7% HO -1.4% Eth -.2% Gold +.2% Slvr -.1%

No Bond trading on VETERANS DAY

Blue Grass Stockyards Cattle Auction Report for 11/10/2014 Receipts: 1693 Last Monday: 1496 Year Ago: 2787 Compared to last week steer calves sold steady to 2.00 higher with moderate to good demand. Heifer calves sold 1.00 to 4.00 higher with very good demand. Quality was average through good. Yearling steers and heifers lightly tested. Slaughter cows sold 1.00 to 2.00 higher with good demand. Slaughter bulls sold firm with good demand.

Glasgow,Ky Farmers Livestock Market ( Weigh in sale ) Weighted Average Report for 11/10/14 Receipts:1866 Last Week:1673 Last Year:1963 Compared to Last Week. Steer calves mostly steady, with 400 lbs.5.00 higher. Heifer calves steady 2.00 lower. Slaughter cows steady 1.00 lower. Slaughter bulls 1.00 higher. The supply included 24.5 percent steers,41.1 percent heifers,34.4 percent bulls with 31.6 percent weighing over 600 lbs.11 percent slaughter cows and bulls.130 replacement cows with 30 percent going to slaughter,31 cows with calves.

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Tagged Post Topics Include: Economics, Market updates