Market Update - October 9, 2014

Posted on Oct 9, 2014
CBOT futures are mixed, apparently reacting to this morning’s USDA Export Sales Report. Otherwise, tomorrow’s Crop Report at 11 am CT will be the main price driver. December Corn is creeping closer to the chart resistance level at 3.505. November Soybeans are 14 cents below the chart gap at 9.55-9.56.

Cattle futures are sharply higher as traders expect cash prices to rise this week and the boxed beef market has risen to erase much of the losses in the packer margin. At midday, boxed beef is up more than 50 cents/lb. October LC and the feeder contracts are hitting new highs.

Lean Hog futures are also higher with bigger gains in the closer contracts. The market is supported by October LH discount to the cash hog market and soaring cattle futures and beef markets. The October LH contract broke to the upside from a sideways channel. LH futures sold off after the midday pork report showed FOB Plant Pork down 1.09 to 122.44/cwt.

U.S. equity markets are dropping on global economic concerns. Energy prices continue to fall but gold/silver are rising.

Corn Dec +3 346 (341-48); May +2 368; Dec15 +2 392 Bean Nov +6 941; May +6 966; Nov15 +4 963 Meal Dec +3 313; May +2 306 Oil +12 3300 Wheat Dec -14 493; Jly -14 520 KC -13 573; MGE -13 552 Oats unch 343 Rice -3 1259

LC Oct +150 16760; Feb +112 16872; Apr +80 16765 FC Oct +245 24477; Nov +217 24510; Mar +150 23670 LH Oct +135 10947; Dec +100 9617; Apr +37 9270 Milk Oct +17 2412; Nov +30 2160

US$ +.25%

Dow -1.1% SP -1.2% NAS -1% Tran -1.5% VIX +11.3%

WTI -1.3% Brent -1% Gas -1.2% NG +.6% HO -1.2% Eth +1.3% Gold +1.4% Slvr +1.8%

5-yr -.012 1.563% 10yr -.007 2.323% 30yr unch 3.061%

Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 10/08/2014 ***correction to weekly receipt total Cattle Receipts: 1499 Last Week: 1127 Year Ago: 958 Weekly receipts: 1796 Compared with last week steer calves under 700 lbs sold steady to 5.00 higher with advance on 500-600 lbs with very good demand; over 700 lbs sold steady with good demand; light to moderate demand for fleshy plainer calves. Heifer calves sold mostly steady with good demand; except 300-400 lbs sold 5.00 to 10.00 lower with light demand. Market noticeably softer for heavy bull calves and heavy heifer calves not guaranteed open this week. Quality was plain through good. Slaughter cows sold steady to weak with good demand. Slaughter bulls sold steady with good demand. A stronger than normal fall market has pushed many lightweight and middleweight calves to town this week. Fall calf runs in full swing this week.

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Tagged Post Topics Include: Economics, Market updates