CBOT futures have traded fairly narrow price ranges today and mostly within Tuesday’s wider ranges.  Beyond the sharp drop in cash basis levels this week, there’s little fundamental changes in the market.  The main feature is positioning ahead of tomorrow morning’s (11 am CT) USDA crop reports.

Cattle futures are trading higher with stronger beef exports credited for Live Cattle recovering Tuesday’s losses.

Lean Hog futures traded higher overnight to a new contract high (October) but futures tanked when pit trade opened at 9 am CT.   Further weakness in the October contract could chart a Bearish Key Reversal and suggest a seasonal high has occurred.

Corn Dec -1 474; Jly -1 496

Bean Nov +3 1358; Jly +5 1308 Meal Oct unch 428; Jly +2 401 Oil +22 4303

Wheat Dec unch 646; JLY -1 659 KC unch 695; MGE +3 708

Oats +2 321

Rice +7 1551

LC Oct +40 12542; Feb +30 13110 FC Sep +77 15717; Nov +107 15957 LH Oct -42 9042; Feb -50 8802 Milk Sep +2 1818; Oct +1 1807

US$ -.3%

Dow +.6%

SP +.1%

NAS -.3%

Tran +.1%

VIX -3.4% 14.04

WTI +.4%

Brent +.5%

Gas -.2%

NG -1.4%

HO +.4%

Eth steady

Gold -.1%

Slvr +.6%

5-yr -.02 1.75% 10yr -.01 2.96% 30yr -.01 3.89%

Blue Grass Stockyards Cattle Report for 09/10/2013

Receipts:  1,430   Last Tuesday:  1,251   Year Ago:  1,620

Compared to Monday 400-600 lb unweaned steer calves sold 2.00 to 3.00 lower with light demand.  Heifer calves sold about steady with moderate demand.  Yearling steers sold about steady with good demand. Yearling heifers lightly tested.  Slaughter cows sold about steady with good demand.  Slaughter bulls sold steady with good demand.

Total supply included 04% slaughter cows, 01% slaughter bulls, less than 01% replacements and 95% feeders.  Feeder supply 52% steers, 11% bulls, 37% heifers with 64% of feeders weighing over 600 lbs. 

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