Market Update - November 26, 2013

Posted on Nov 26, 2013
CBOT futures are down moderately on a lack of news to promote buying. Outside markets are neutral as energy, stocks and precious metal prices are near steady. Looks like the December Corn rally was turned back at the 50 pct retracement level and January Soybeans are threatening to fall back below the key $13.20 level broken Monday. Cash price strength may rely more on basis improvement in the short run.

Ethanol futures are down sharply for a second day, hit first by crude oil and today by corn.

The CBOT and CME will be closed Thursday. The CBOT grain futures will re-open Friday morning at 8:30 am CST and close at 12 pm CST. CME Livestock will trade Friday from 9:05 am CST to 12:15 pm.

Cattle futures are mostly higher following Monday’s declines. The big jump in boxed beef values Monday afternoon is supportive. Corn Dec -6 418; Jly -6 440; Dec14 -5 454 Bean Jan -9 1320; Jly -9 1279; Nov -6 1155 Meal Dec +2 439; Jly -3 399 Oil -39 4027 Wheat Dec -6 646; Jly -7 654 KC -3 700; MGE -5 696 Oats +5 386 Rice -10 1570

LC Dec +30 13137; Feb +40 13232; Jun +27 12742 FC Jan +55 16335; Apr +40 16425 LH Dec -20 8540; Feb +42 9022; Jun +10 9987 Milk Dec +8 1834; Jan +1 1753

US$ -.2%

Dow +.1% SP +.1% NAS +.3% Tran -.2% VIX -.3% 12.75

WTI -.2% Brent unch Gas +.1% NG -.7% HO +.4% Eth -3.5%

Gold +.1% Slvr -.1%

5-yr -.01 1.33% 10yr -.02 2.71% 30yr -.02 2.80%

Blue Grass Stockyards Cattle Auction Report for 11/25/2013

Receipts:  1,043   Last Monday:  1,187   Year Ago:  1,892

Compared to last week steer and heifer calves sold 2.00 to 5.00 lower with light demand on an plain to average quality offering. Yearling steers and heifers sold steady in a light test with very good demand.  Slaughter bulls sold 1.00 higher with light to moderate demand.  Slaughter cows sold firm with good demand.  Wintry mix predicted for next couple days combined with holiday this week reduced placements for fleshy calves.  Some plainer odds and ends calves 10.00 lower over last week’s very active market.

Total supply included 10% slaughter cows, 03% slaughter bulls, less than 01% replacements and 87% feeders.  Feeder supply 26% steers, 24% bulls, 50% heifers with 49% of feeders weighing over 600 lbs.  

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates