Market Update - October 2, 2014

Posted on Oct 2, 2014
CBOT futures are mixed at midday with surprising strength in wheat futures thanks to a strong weekly export sales report this morning from USDA. Soybean futures are up only slightly as soybean meal and soyoil prices are offsetting each other. One note of caution is a report that Goldman Sachs lowered its 3-month and 6-month forecasts for CBOT soybean futures to $8.00/bushel. The 12-month forecast is $8.75 for soybeans, $3.75 for corn (but only $3.00 for 3-months). Realize this is just one company’s analysis.

Feeder Cattle futures are adding on to yesterday’s $3.00 limit-up moves. Live Cattle are down from overnight contract highs as traders take profits. Choice beef up .36 to 238.50 and Select up .95 to 228.13/cwt.

Lean Hog futures continue to sell off on ideas that rising production will weaken hog prices. FOB Plant Pork up .57 to 122.37/cwt.

Corn Dec unch 321; May unch 343 Bean Nov +4 920; May +3 945 Meal +3 308 Oil -16 3250 Wheat Dec +8 487; Jly +7 516 KC +8 566; MGE +7 539 Oats +7 346 Rice -5 1259

LC Oct -2 16245; Feb +22 16610 FC Oct +222 24065; Mar +172 23150 LH Oct -110 10650; Feb -15 9170 Milk Oct -12 2386; Nov +8 2120

US$ -.4%

Dow -.4% SP -.5% NAS -.4% Tran unch VIX +2% 17.04

WTI -.1% Brent -1.3% Gas -2% NG -2.2% HO -.9% Eth -3.6% Gold unch Slvr -1.4%

5-yr -.008 1.675% 10yr +.009 2.411% 30yr +.014 3.127%

Oct 1, 2014 USDA-KY Dept of Ag News Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 10/01/2014 Cattle Receipts: 1127 Last Week: 932 Year Ago: 958 Weekly receipts: 1300 Compared with last week steer calves under 600 lbs sold mostly steady except featherweights under 400 lbs sold 10.00 higher with very good demand however 400-500 steers sold weak with moderate demand with light demand for fleshy offerings; over 600 lbs sold 5.00 higher with very good demand exceptionally good demand for thin-fleshed 700-800 lb steers. Heifer calves under 600 lbs sold 3.00 to 7.00 higher with very good demand; over 600 lbs sold firm in a light test. Quality was good through attractive. Slaughter cows and slaughter bulls sold steady with good demand. Very Cool temperatures forecasted for the weekend reduced demand for fleshy offerings.

 

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Tagged Post Topics Include: Economics, Market updates