Market Update - November 6, 2014

Posted on Nov 6, 2014
CBOT futures have traded some wide ranges today with prices setting lows early this morning. Soybean meal began to rally and it carried soybean futures with it. Corn futures followed soy higher when trading opened at 830 am CT but are now off the highs. Meal and bean futures are pressing the morning’s highs on strong demand and a positive export sales report from USDA. Corn and wheat had disappointing export sales reports. Wheat futures have given up most of the rally charted when corn and soybeans shot higher. Fundamentals are weak for wheat as the rising US dollar hurts our competitiveness.

Cattle futures are slightly higher as traders look for clearer direction from the cash markets. Boxed beef is quoted near steady at midday.

Lean Hog futures are up slightly on generally weak hog fundamentals. FOB Plant Pork down .42 to 95.47.

Corn Dec +1 372 (366-74); May +1 393; Dec +2 416 Bean Jan +10 1030 (1011-32); May +9 1038; Nov +3 1007 Meal Dec +13 388; May +6 343 Oil -5 3267 Wheat Dec -3 521; Jly -3 547 KC -3 581; MGE -1 558 Oats -2 338 Rice -27 1188

LC Dec +85 16605; Apr +75 16600; Jun +65 15627 FC Nov +82 23660; Jan +50 23070; Mar +55 22810 LH Dec +47 8760; Feb +35 8710; Apr +47 8857 Milk Nov +23 2205; Dec +7 1957

US$ +.5%

Dow +.2% SP +.1% NAS unch Tran +1.1% VIX +1.5% 14.37

WTI -1.3% Brent -.5% Gas +.8% NG -.4% HO unch Eth +5.9% Gold -.1% Slvr -.2%

5-yr +.015 1.649% 10yr +.016 2.366% 30yr +.021 3.084%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 11/05/14 Receipts: 3844 Last Week: 3837 Year Ago: 5355 **Total receipts include 831 head sold in Holstein sale Wed. night

Compared to last week steer and heifer calf sales were sluggish Monday but gained strength Tuesday to close about steady with last week with moderate demand; except 300-400 lb heifers sold 5.00 to 10.00 higher Tuesday. Quality was plain through average. Yearling steers and heifers sold steady with good demand. Slaughter cows sold 1.00 to 3.00 higher with good demand. Slaughter bulls sold 2.00 higher with good demand.

Total supply included 07% slaughter cows, 01% slaughter bulls, Less than 1% replacements and 91% feeders. Feeder supply 56% steers, 17% bulls, 27% heifers with 46% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates