Market Update - September 25, 2013

Posted on Sep 25, 2013
CBOT prices are moving in different directions as corn and wheat rally while soy complex futures are mostly weaker. Corn and wheat futures are at/near the highs of the day. Wheat’s strong move is probably lifting corn futures as the spec funds cover short positions. Wheat is also supported by production issues in Argentina and expectations of strong demand from China. November Soybeans are trading inside yesterday’s range.

October Live Cattle futures are up for the sixth straight day, making an attempt to get to the August high over $129/cwt. Support has come from the friendly Cattle on Feed Report of last Friday and firming cash cattle and boxed beef prices.

Lean Hog futures are trading mixed with the nearby October contract up strongly, moving to a new high. The October’s steep discount to cash is supportive as is news that Smithfield shareholders approved selling the company to the Chinese firm.

Financial markets are little changed today as Congress tries to resolve government funding and the debt limit.  Larger than expected Crude Oil inventory should weigh on oil markets.  Gasoline supplies also increased.

Corn Dec +6 454; Jly +5 481 Bean Nov +1 1313; Jly -2 1269 Meal Oct +1 415; Jly -1 389 Oil -2 4182 Wheat Dec +13 671; Jly +10 677 KC +14 719; MGE +17 722 Oats +2 313 Rice +1 1550

LC Oct +35 12767; Feb +22 13312 FC Sep +27 15822; Oct -22 16355; Jan -35 16327 LH Oct +77 9327; Feb -7 8962 Milk Oct +10 1814; Nov +2 1777

US$-.3%

Dow +.2% SP +.2% NAS +.3% Tran +.2% VIX -1.1% 13.93

WTI +.3% Brent +.7% Gas +1.3% NG +.7% HO +.9% Eth +2.8%

Gold +1.4% Slvr +1.4%

5-yr -.02 1.41% 10yr -.01 2.65% 30yr +.01 3.68% Blue Grass Stockyards Cattle Report for 09/25/2013

Receipts:  1,136   Last Tuesday:  1,546   Year Ago:  1,259 Compared to Monday steer calves under 500 lbs sold steady to 2.00 lower with light demand, over 500 lbs sold steady to 2.00 higher with moderate demand.  Heifer calves under 600 lbs sold 2.00 lower with moderate demand; over 600 lbs sold steady with good demand.  Yearling steers sold steady with good demand.  Yearling heifers no test.  Slaughter cows sold steady with moderate demand.  Slaughter bulls sold 2.00 lower with light demand.

Total supply included 11% slaughter cows, 01% slaughter bulls, 01% replacements and 87% feeders.  Feeder supply 57% steers, 19% bulls, 24% heifers with 54% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates