Market Update - September 10, 2013

Posted on Sep 10, 2013
CBOT futures are trading mixed at midday. There’s little news driving the market as traders prepare for Thursday’s big USDA reports. Wheat futures bounced strongly off chart support in Chicago and KC.  The September corn and soybean contracts are weaker than new crop again today as interior cash basis levels fall.

Cattle futures are down slightly as boxed beef values slipped Monday and corn futures are higher.

Hog futures are trading lower as it looks like this recent strong rally may be topping out.

Syria has reportedly agreed to the idea of turning their chemical weapons over to an international group who will work to destroy them. Thus, energy futures are falling sharply on less risk to Mideast supplies.

Corn Dec +4 468; Jly +4 495

Bean Nov -5 1351; Jly -4 1299 Meal Oct -2 429; Jly -1 397 Oil -29 4259

Wheat Dec +6 647; JLY +4 661 KC +6  695; MGE +4 707

Oats +3 317

Rice +5 1539

LC Oct +2 12537; Feb -20 13072 FC Sep -22 15637; Nov -25 15852 LH Oct -50 9037; Feb -65 8805 Milk Sep +1 1815; Oct -2 1780

US$ unch

Dow +.6%

SP +.5%

NAS +.4%

Tran +1.4%

VIX -4.8% 14.88

WTI -2.1%

Brent -1.9%

Gas -1.9%

NG -1.4%

HO -1.4%

Eth +.2%

Gold -1.6%

Slvr -3%

5-yr +.04 1.76% 10yr +.03 2.95% 30yr +.01 3.87%

Blue Grass Stockyards Cattle Auction Report for 09/09/2013 Receipts:  1,298   Last Monday:  Holiday   Year Ago:  Holiday Compared to last week market softer for 400-600 lbs calves with steer calves 2.00 to 4.00 lower and heifer calves 1.00 to 3.00 lower with moderate demand.  Bull calves sold 3.00 to 8.00 lower with light demand.  Hot day temperatures and cool nights have reduced demand for fleshy unweaned calves.  Yearling steers sold steady with good demand.   Yearling heifers lightly tested.  Slaughter cows sold steady with good demand.  Slaughter bulls sold 1.00 higher with good demand.

Total supply included 08% slaughter cows, 01% slaughter bulls, less than 01% replacements and 90% feeders.  Feeder supply 45% steers, 25% bulls, 30% heifers with 47% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates