Market Update - November 21, 2013

Posted on Nov 21, 2013
Corn and soybean futures are up moderately on strong weekly export sales and ideas demand is strong.  A strong ethanol production report is lessening the impact of last week’s EPA announcement that would reduce domestic blending of ethanol in 2014. Soybeans are being lifted by the soaring soybean oil futures market caused by strong vegetable oil markets in Asia. December Soybean Oil has resistance just above 42 cents.  A big jump in crude oil futures is also supportive to soybean oil.  Other outside markets are mixed with higher US equities and lower precious metals.

Wheat futures rallied early morning on better-than-expected weekly export sales but are now well off the highs.  Traders believe that US wheat is becoming more competitive globally but the past two days’ technical action is not as optimistic.

CBOT DECEMBER OPTIONS end trading tomorrow.

Live Cattle futures started the day weaker on this week’s falling beef values.  However, news of a $131/cwt cash cattle trade that’s only $1/cwt below last week caused short-covering to put the December LC price back above the key $131.50 level.  The November Feeder Cattle futures and options contracts expire today.

Lean Hog futures are down slightly on continued weakness in the cash markets.

Corn Dec +5 422 (hi 423.5); Jly +3 443; Dec14 +3 457 Bean Jan +9 1283 (hi 1287); Jly +5 1255; Nov +2 1156 Meal Dec -2 405; Jly -4 382 Oil +127 4159 Wheat Dec +2 649; JLy +2 657 KC unch 696; MGE +1 698 Oats unch 660 Rice +12 1580

LC Dec +47 13152; Apr +32 13300; Jun +45 12742 FC Jan +57 16332; Apr +45 16465 LH Dec -22 8602; Feb -35 9057; Jun -35 9897 Milk Nov -2 1878; Dec -7 1770

US$ unch

Dow +.6% SP +.6% NAS +.9% Tran +.7% VIX -5.6% 12.65

WTI +1.5% Brent +1.1% Gas +2% NG +1.1% HO +1% Eth +3.2%

Gold -1.3% Slvr -.8%

5-yr -.02 1.36% 10yr -.01 2.79% 30yr -.02 3.89%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 11/21/13

Receipts:  3,299   Last Week:  4,173   Year Ago:  2,572

**Total receipts include 443 head sold in special cow sale Wed. night. Compared to last week steer calves sold steady to firm with good demand.  Heifer calves sold steady to 2.00 higher, except lightweight calves under 500 lbs sold 5.00 to 10.00 higher early with most advance for 300-400 lbs.  Market less active for lightweight heifers Tuesday as orders were filled.  Quality was good to attractive with many attractive heifer packages.  Yearling steers sold firm with very good demand.  Yearling heifers sold steady with good demand.  Slaughter bulls sold steady with light demand.  Slaughter cows sold 1.00 to 3.00 higher with moderate demand.

Total supply included 08% slaughter cows, less than 01% slaughter bulls, 11% replacements and 80% feeders.  Feeder supply 40% steers, 17% bulls, 43% heifers with 52% of feeders weighing over 600 lbs.  

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Tagged Post Topics Include: Economics, Market updates