Market Update - September 2, 2014

Posted on Sep 2, 2014
CBOT futures are mixed at midday with the soy complex higher and near the day’s highs and corn and wheat futures lower and near the day’s lows. The extremely strong basis for cash soybean meal indicates the tightness of old-crop soybean supplies. MGEX Wheat is performing better than KC and Chicago due to the negative impact wet weather is having on spring wheat harvest. Similarly, September Oat futures are up over 4 percent.

Cattle and hog futures are strongly higher on improving cash markets and general optimism. Fed cattle traded $2-3/cwt higher on Friday compared to a week earlier.

Outside markets are generally bearish with a stronger US dollar and sharply lower energy and metal prices. US equities are struggling with Treasury yields rising on good economic reports. The EU is expected to increase its monetary easing program. Corn Sep -3 356; Dec unch 364; Dec’15 -1 405 Bean Sep +13 1103; Nov +11 1035; Nov’15 +7 1044 Meal Sep +8 447; Dec +8 359 Oil +36 3240 Wheat Sep -10 540; Jly -9 590 KC -12 614; MGE +1 616 Oats +17 380 Rice -3 1255

LC Oct +140 15282; Feb +140 15600 FC Sep +152 22017; Nov +212 21750; Mar +187 21190 LH Oct +197 10010; Feb +75 9157 Milk Sep +11 2406; Oct +14 2301

US$ +.25%

Dow -.2% SP -.2% NAS +.1% Tran +.8% VIX +4.4% 12.51

WTI -2.2% Brent -1.5% Gas -2.2% NG -3.7% HO -1.6% Eth -1.2% Gold -1.7% Slvr -1.7%

5-yr +.051 1.679% 10yr +.060 2.405% 30yr +.067 3.152%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.

Tagged Post Topics Include: Economics, Market updates