Market Update - September 12, 2014

Posted on Sep 12, 2014
Corn and soybean futures are little changed at midday with pressure stemming from Thursday’s bearish USDA reports. Soybean futures are getting support from a sharp jump in soybean oil futures (reacting to rising palm oil price). Wheat futures are falling to new contract lows as U.S. wheat is not competitive on the world market. September CBOT contracts expired at Noon CT today.

Cattle futures are mostly lower on continued technical selling and weaker boxed beef at midday. Boxed beef values are weaker with Choice down 1.01 to 250.53/cwt.

Lean Hog futures are also trading lower – the second day in a row. Pork values are weaker and the futures market needs a breather after a strong rally of late. FOB Plant Pork cutout is down .98 to 106.55/cwt on a 7 pct drop in ham value and a 6 pct rise in price of bellies. Corn Dec -2 339; May -2 360; Dec’15 -1 386 Bean Nov +4 986; May +4 1005; Nov’15 +3 995 Meal Oct unch 339; May unch 325 Oil +75 3225 Wheat Dec -6 503; Jly -7 539 KC -13 593; MGE -13 580 Oats -5 348 Rice +26 1278

LC Oct -57 15680; Feb -32 15937; FC Sep +15 22820; Oct -2 22557; Mar -45 21642 LH Oct -95 10542; Feb -40 9310 Milk Sep +1 2449; Oct +50 2328

US$ -.1%

Dow -.3% SP -.4% NAS -.4% Tran +.1% VIX +3.7% 13.28

WTI +.5% Brent -.3% Gas +.1% NG -.2% HO -.1% Eth -.4% Gold -.4% Slvr +.2%

5-yr +.017 1.799% 10yr +.051 2.583% 30yr +.064 3.319%

Sep 11, 2014 Paris Stockyards *Cattle weighed at time of sale.* Cattle Receipts: 1696 Last week: 1625 Last year: 1576 Compared to last week: Steers below 500 lbs 2.00 to 3.00 higher, above 500 lbs steady, Heifers sold steady. Slaughter Cows were 3.00 to 4.00 lower and Slaughter Bulls 4.00 to 5.00 lower.

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