Market Update - October 21, 2014

Posted on Oct 21, 2014
Corn, wheat and soybean futures are moderately higher after finishing the overnight session near steady. The rally began as the electronic trading restarted at 830 am CT. There’s no clear-cut reason for the rally; traders have had a bias to buy futures this month.

Livestock futures traded opposite to the grains as early morning gains evaporated throughout the session. Live Cattle futures are testing the highs and may chart a double-top formation in the October and December contracts if prices weaken further. At midday, boxed beef values are near steady. Feeder Cattle prices are pressured by weak LC and higher corn prices. Weak cash hog and pork markets are weighing on Lean Hog futures. FOB Plant Pork is down 3.27 to 103.19/cwt on weak loin and picnic values.

Corn Dec +5 353 (347-56); May +5 375; Dec +4 399 Bean Nov +14 959 (943-64); May +13 982; Nov +11 972 Meal +9 339; May +5 320 Oil -1 3169 Wheat Dec +8 521; Jly +10 549 (539-50) KC +4 605; MGE +7 574 Oats +1 351 Rice -2 1247

LC Oct -10 16780; Dec +27 16830; Apr +22 16500 FC Oct -77 23997; Nov -170 23512; Mar -200 22710 LH Dec -52 8862; Feb -30 8610; Apr +10 8707 Milk Oct +1 2400; Nov -7 2161

US$ +.3%

Dow +1% SP +1.5% NAS +1.8% Tran +2.9% VIX -11% 16.55

WTI +.6% Brent +.8% Gas +.3% NG steady HO +.6% Eth +.9% Gold +.6% Slvr +1.4%

5-yr +.013 1.410% 10yr +.021 2.204% 30yr +.018 2.977%

Blue Grass Stockyards Cattle Auction Report for 10/20/2014 Receipts: 2268 Last Monday: 1835 Year Ago: 1518 Compared to last week steer calves under 500 lbs sold steady to 5.00 lower with moderate demand; over 500 lbs sold mostly steady with good demand. Heifer calves under  600 lbs sold 5.00 lower with light demand some featherweights 10.00 to 15.00 lower; over 600 lbs sold steady with good demand. Yearling steers and heifers lightly tested. Quality was average through good. Slaughter cows sold 1.00 to 3.00 higher with good demand. Slaughter bulls sold 2.00 to 4.00 higher with good demand. Biggest run of the year. Buyers taking their pick of calves. Quality and flesh condition playing bigger role on prices this week.

Total supply included 09% slaughter cows, 01% slaughter bulls, less than 01% replacements and 89% feeders. Feeder supply 37% steers, 22% bulls, 41% heifers with 26% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates