Market Update - November 20, 2014

Posted on Nov 20, 2014
CBOT futures are trading higher and near the day’s highs. Futures added to Wednesday’s losses in the overnight hours but worked higher into the 830 am electronic trade opening. The Export Sales report came out at that time and offered good news for corn. Prices shot higher at that time and have been able to be sustained. Prices still remain below yesterday’s highs. December Meal bounced off chart support in the 364.50 area.

Live Cattle futures are mixed with little change with no cash market prices reported. Feeder futures are off significantly on apparent profit-taking given prices are near record high and CBOT futures are rising today. Choice Beef is up .84 to 255.63 and Select is again outpacing Choice with 1.58 gains to 243.63/cwt.

Lean Hog futures are down sharply. The selling hit the market as soon as markets opened at 8 am CT. Pork values have been weakening this week but are up today. FOB Plant Pork is up .49 to 93.13 – higher loin and belly values; lower rib and ham price.

Corn Dec +7 370; May +7 392; Dec +6 413 Bean Jan +13 1017; May +13 1031; Nov +10 1002 Meal +4 375 Oil +5 3256 Wheat Dec +7 545; Jly +7 561 KC +11 597; MGE +9 580 Oats +1 328 Rice unch 1240

LC Dec -37 17045; Apr +5 17025 FC Jan -135 23575; Mar -170 23362 LH Dec -137 9040; Apr -145 9215 Milk Dec -23 1832; Jan -12 1709

US$ +.1%

Dow unch SP +.1% NAS +.4% Tran +.5% VIX -1.5% 13.75

WTI +.9% Brent +1% Gas -.5% NG -1% HO +1% Eth +3.3% Gold -.4% Slvr -1%

5-yr -.007 1.632% 10yr -.013 2.338% 30yr -.012 3.054%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 11/20/14 Receipts: 2406 Last Week: 3259 Year Ago: 3299 **Total receipts include 503 head sold in cow sale Wed. night. Compared to last week steer calves sold steady with good demand very good demand for weaned offerings in short supply. Heifer calves sold steady with good demand, very good demand for weaned offerings in short supply; except featherweights under 400 lbs and heavy heifers over 700 lbs were weak with light demand. Quality was average through good. Yearling steers and heifers steady sold steady. Slaughter cows sold 1.00 to 2.00 higher with very good demand. Slaughter bulls sold 1.00 to 3.00 higher with very good demand. Total supply included 10% slaughter cows, 01% slaughter bulls, 20% replacements and 69% feeders. Feeder supply 44% steers, 19% bulls, 37% heifers with 46% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates