Market Update - October 1, 2014

Posted on Oct 1, 2014
CBOT futures are trading little changed after trading lower overnight following yesterday’s volatile trade. USDA’s Quarterly Stocks report showed soybean stocks at a surprisingly low amount on September 1. However, corn stocks were 50 million bushels above expectations. Harvest pressure and a strong US dollar are bearish.

Cattle futures are up sharply on bullish enthusiasm and technical buying. The October LC contract hit a new high and is now over $7.00 above last week’s lows. Feeder Cattle futures are soaring and keeping sellers at bay – this market has eaten up anyone trying to pick a top.

Lean Hog futures are mixed with weakness in the nearby October LH given its large premium to the December LH. As feed gets cheaper, producers are likely to add weight to hogs. Pork values continue to rise, offering support to futures. FOB Plant Pork up .60 to 122.58/cwt – a new high for recent weeks.

Equity prices and Treasury yields are down sharply as investors move to safer investments amid uncertainty in the world.

Corn Dec +1 321; May +1 343 Bean Nov unch 913; May unch 938 Meal Oct -1 304; May -2 294 Oil +45 3272 Wheat Dec +2 480; Jly +5 509 KC +1 559; MGE unch 533 Oats +4 340 Rice -7 1267

LC Oct +150 16195; Feb +142 16540 FC Oct +292 23835; Mar +270 22947 LH Oct -42 10755; Feb +97 9140 Milk Oct -4 2402; Nov +13 2111

US$ steady

Dow -1% SP -.7% NAS -1% Tran -1.7% VIX +.8% 16.44

WTI +1.7% Brent +1.2% Gas +2.2% NG +.4% HO +1.4% Eth -1.85 Gold +.5% Slvr +1.3%

5-yr -.095 1.684% 10yr -.092 2.416% 30yr -.075 3.135%

Blue Grass Stockyards Cattle Report for 09/30/2014 Receipts: 1244 Last Tuesday: 1328 Year Ago: 1189 Compared to Monday steer calves sold mostly steady except600-700 lbs 5.00 to 8.00 higher with very good demand. Heifer calves sold 2.00 to 5.00 higher with most advance on 500-600 lbs. Quality was good through attractive. Yearling steers sold 1.00 higher with very good demand. Yearling heifers limited comparison with yesterdayÂ’s light test. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 04% slaughter cows, 01% slaughter bulls, 01% replacements and 94% feeders. Feeder supply 49% steers, 14% bulls, 37% heifers with 61% of feeders weighing over 600 lbs.

 

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Tagged Post Topics Include: Economics, Market updates