Market Update - September 18, 2014

Posted on Sep 18, 2014
CBOT futures are lower and near the day’s lowest price. The US dollar is down .3% but this is just a correction in the long-term trend higher. Nearly all commodities are trading lower today with oil and metals down sharply. Gold hit a new low for this move with next support around $1180 on the weekly chart.

The nearby soybean meal market is breaking down with October SM futures hitting a new low and local meal basis weakening.

Live Cattle futures are down sharply as cash markets look weak. Boxed beef is weaker at midday with Choice down .76 to 245.15/cwt. This compares to 252.03 one week ago.

Lean Hog futures are down sharply on technical selling following the bearish outside down day yesterday. Wholesale pork values are going the other way -- at midday, FOB Plant Pork is up 1.52 to 111.63/cwt on stronger prices for the belly, rib and loin.

Corn Dec -2 339; May -2 360 Bean Nov -9 973; May -10 996 Meal Oct -7 330; May -3 317 Oil -42 3297 Wheat Dec -8 491; Jly -8 528 KC -9 573; MGE -10 553 Oats -2 344 Rice +10 1261

LC Oct -177 15525; Feb -157 15905 FC Sep -45 22985; oct -100 22710; Mar -110 21770 LH Oct -300 limit 10210; Feb -215 8890 Milk Oct -10 2460; Nov +24 2247

US$ -.3%

Dow +.5% SP +.4% NAS +.5% Tran +.1% VIX -4.5% 12.08

WTI -1% Brent -1.4% Gas -.8% NG -1.6% HO -1.4% Eth -2.3% Gold -.7% Slvr -.9%

5-yr +.035 1.839% 10yr +.022 2.622% 30yr -.011 3.354%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 09/16/14 Receipts: 2164 Last Week: 2176 Year Ago: 3287 Compared to last week featherweight steers 4.00 to 8.00 higher with very good demand; middleweights steady to 3.00 higher with good demand and yearlings sold steady. Featherweight heifer calves sold 3.00 to 8.00 higher with very good demand; middleweights sold steady to 5.00 higher and yearlings sold steady in a light test. Quality was good through attractive. Slaughter cows and slaughter bulls sold 2.00 to 5.00 lower with light to moderate demand. Total supply included 13% slaughter cows, 01% slaughter bulls, 03% replacements and 83% feeders. Feeder supply 34% steers, 27% bulls, 39% heifers with 28% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates