Market Update - October 7, 2014

Posted on Oct 7, 2014
CBOT futures are up strongly with WHEAT futures leading the way higher on support from technical short covering by the funds and ideas the US will capture some export business. Corn soared higher today in sympathy with the wheat and by USDA’s report of only 17% corn harvested with a rainy week ahead. The support for soybean futures originates in the strong soybean meal market. Soybean oil is the only RED at the CBOT due to sharply lower ENERGY futures. Friday has the USDA Crop Report.

Cattle futures are trading higher due to the strong beef market. October Live Cattle is hitting a new contract high. Boxed beef is soaring as the cutout adds to Monday’s $3.00/cwt increases. Choice beef up 2.49 to 243.63 and Select up 2.85 to 232.02/cwt.

Lean Hog futures are mixed at midday. Prices have fallen way off the early highs due to weakness in the pork value. FOB Plant Pork down 1.32 to 123.13/cwt.

US equities are lower on global growth concerns, especially for the EU. Treasury yields are falling as investors seek a “safer” investment.

Corn Dec +8 340 (hi 342); May +8 362; Dec15 +7 388 Bean Nov +7 950 (hi 955); May +8 973; Nov15 +10 970 Meal Oct +8 329; May +6 309 Oil -19 3313 Wheat Dec +16 507; Jly +13 534 (519-36) KC +16 592; MGE +16 568 Oats +5 356 Rice +5 1275

LC Oct +190 16495; Dec +87 16717; Apr +92 16600 FC Oct +135 24135; Nov +197 24225; Mar +147 23397 LH Oct +70 10787 (hi 10862); Dec -45 9542; Apr -35 9265 Milk Oct -28 2383; Nov -36 2123

US$ +.1%

Dow -.7% SP -.5% NAS -.5% Tran -1.1% VIX +4.8% 16.20

WTI -1.1% Brent -1.3% Gas -1.9% NG +1.1% HO -1% Eth +2.3% Gold +.1% Slvr -.5%

5-yr -.041 1.651% 10yr -.047 2.378% 30yr -.039 3.089%

Blue Grass Stockyards Cattle Auction Report for 10/06/2014 Receipts: 1742 Last Monday: 1480 Year Ago: 706 Compared to last week steers under 500 lbs sold 10.00 higher some 300-400 lbs 15.00-20.00 higher with exceptionally good demand; over 500 lbs sold steady with good demand. Yearling steers sold steady in a limited comparison. Featherweight heifers under 400 lbs sold 10.00 to 15.00 higher with very good demand; over 400 lbs sold steady to firm with good demand. Yearling heifers lightly tested. Quality was average through attractive. Slaughter cows sold steady with good demand and slaughter bulls sold 2.00 to 4.00 lower with light to moderate demand.

Total supply included 09% slaughter cows, 02% slaughter bulls, 01% replacements and 88% feeders. Feeder supply 34% steers, 28% bulls, 38% heifers with 30% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates