Market Update - September 23, 2014

Posted on Sep 23, 2014
CBOT futures are down slightly with a weaker soybean meal market offset by higher soybean oil futures. Overall the market’s pressured by accelerating harvest and open weather for several days. As we approach the end of the month and quarter, traders may alter their positions (book profits), especially with the Quarterly Grain Stocks report being released on Sep 30.

Live Cattle futures are mixed and little changed as traders look for fundamental direction. The midday sign is bearish with Choice beef down 1.92 to 241.10 and Select off .38 to 228.09/cwt. Feeder Cattle futures still have a positive look with prices near record highs.

Lean Hog futures are little changed except for the nearby October LH contract which is reacting to a very strong cash market. Pork values continue to rally with the FOB Plant Pork cutout up 1.52 to 117.12/cwt on strength in values of the picnic and rib – no primal is down in value.

Corn Dec -4 326; May -4 347 Bean Nov -1 937; May -1 958 Meal Oct -3 316; May -2 305 Oil +41 3241 Wheat Dec -1 476; Jly -2 506 KC +1 562; MGE +1 538 Oats -4 333 Rice +14 1269

LC Oct +17 15567; Apr -47 15952 FC Sep +65 23095; Oct +92 23020; Mar +75 22030 LH Oct +120 10850; Dec +7 9577 Milk Oct +8 2470; Nov +5 2240

US$ steady

Dow -.2% SP -.1% NAS steady Tran -.2% VIX +2.8% 14.08

WTI +1% Brent -.1% Gas +1.6% NG +.1% HO -.3% Eth -1% Gold +.4% Slvr -.1%

5-yr -.005 1.781% 10yr -.018 2.549% 30yr -.023 3.266%

Blue Grass Stockyards Cattle Auction Report for 09/22/2014 Receipts: 1217 Last Monday: 1269 Year Ago: 1525 **resend correction to supply Compared to last week all class sold steady with good demand. Yearling steer and heifer calves lightly tested. Quality was average through good. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 10% slaughter cows, 02% slaughter bulls, 01% replacements and 87% feeders. Feeder supply 27% steers, 31% bulls, 42% heifers with 23% of feeders weighing over 600 lbs.

 

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Tagged Post Topics Include: Economics, Market updates