Market Update - October 22, 2013

Posted on Oct 22, 2013
CBOT futures are trading mixed.  Corn may be under pressure from the slower-than-expected harvest pace reported yesterday at 39 percent. Corn futures are near their lows of the day.  In contrast, soybean and wheat futures are near their highs. Soybeans are up about 6 cents off the day’s lows recovering from early pressure that may be also tied to slower than average harvest progress – 63 pct vs 69 pct for 5-year average. Wheat futures are higher on short-covering after Monday’s sharp sell-off when traders heard of larger foreign wheat production estimates.

Live Cattle and Lean Hog futures are surging higher after beef and pork values posted big increases late Monday.

Treasury yields are down sharply on a weak employment report today. The economy added 148,000 nonfarm payrolls, compared with expectations for 180,000, and a revised 193,000 in August. The jobless rate fell to 7.2 percent, from 7.3 percent.

A weak US dollar is supportive to commodities, excluding energy today.

Corn Dec -4 439; Jly -4 468; Dec14 -4 482 Bean Nov -2 1301; Jly -4 1256; Nov14 -3 1174 Meal Dec unch 415; Jly -1 385 Oil -6 4158 Wheat Dec +3 703; Jly +4 704 KC +5 767;  MGE +5 757

Oats +3 340 Rice +7 1533

LC Oct +60 13072; Feb +62 13450 FC Oct -20 16562; Jan +90 16732 LH Dec +127 8875; Feb +85 9050 Milk Oct -1 1823; Nov +12 1838

US$ -.6%

DOW +.4% SP +.5% NAS +.2% Tran +.8% VIX +3.1% 13.47

WTI -.6% Brent +.3% Gas -.7% NG -1.5% HO +.1% Eth -1%

Gold +2% Slvr +2.2%

Treasury Yields:  5-yr -.07 1.28% 10yr -.08 2.53% 30yr -.06 3.62%

 

Lexington, KY - Blue Grass Stockyards Cattle Auction Report for 10/21/2013 Receipts:  1,518   Last Monday:  1,725   Year Ago:  2,019

Compared to last week steer calves opened 2.00 to 4.00 lower however market rallied after lunch closing steady to firm; some 300-500 lbs 5.00 higher; demand was moderate depending on quality.  Heifer calves opened 3.00 to 5.00 lower but rallied somewhat after lunch to close steady to 2.00 lower compared to last week; some featherweight heifer calves sold 5.00 to 10.00 lower compared to last week.  Demand was light to moderate on an plain to average quality offering.  Yearling steers and heifers too light to test.  Slaughter bulls sold 1.00 to 2.00 lower with light demand.  Slaughter cows sold steady with moderate demand.

Total supply included 11% slaughter cows, 01% slaughter bulls, 01% replacements and 87% feeders.  Feeder supply 30% steers, 33% bulls, 37% heifers with 33% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates