Market Update - September 3, 2014

Posted on Sep 3, 2014
CBOT futures are sharply lower with new contract lows set for corn and soybeans, and most wheat contracts. Chart support gave way to the negative factors of rising private yield predictions and Tuesday’s improve condition ratings for corn and soybean crops. The possible cease-fire between Ukraine and Russia also weighs on the market. Outside markets are neutral to friendly as the US dollar is near steady and crude oil and products recover much of yesterday’s severe price drops. Ethanol futures are down sharply with corn’s drop. The SP500 Index set a new record high and has retreated to unchanged.

Cattle futures are trading moderately higher today in follow-through to Tuesday’s action. Traders remain optimistic for firmer cash markets this week but it hasn’t occurred yet.

Hog futures were higher early but are now mostly lower. LH futures have been on a roll lately so a short pause in the rally wouldn’t hurt. Midday pork reports are not out yet but that may be the reason for the weaker futures market.

Corn Dec -10 354 (353-63); May -9 375; Dec’15 -9 397 Bean Nov -18 1013 (1012-29); May -18 1035; Nov’15 -16 1025 Meal Oct -11 361; Dec -12 348 Oil -19 3176 Wheat Dec -17 538; Jly -12 579 (577-94) KC Dec -14 618; MGE -11 612 Oats -5 342 Rice -9 1251

LC Oct +122 15365; Feb +70 15675 FC Sep +107 22132; Nov +97 21900; Mar +72 21315 LH Oct unch 9987 (hi 10090); Feb -132 9077 (hi 9247) Milk Sep +3 2428; Oct +8 2327

US$ -.1%

Dow +.1% SP -.1% NAS -.6% Tran -.1% VIX +1.8% 12.47

WTI +1.0% Brent +1.7% Gas +2.4% NG -1% HO +1.6% Eth -1.9% Gold +.2% Slvr +.1%

5-yr +.006 1.692% 10yr +.009 2.428% 30yr unch 3.173%

Livestock Producers Urged to Enroll in Disaster Assistance Program by Oct. 1 Payment Reductions to Take Effect at Beginning of New Fiscal Year Sept. 2, 2014 - The U.S. Department of Agriculture (USDA) is encouraging producers who have suffered eligible disaster-related losses to act to secure assistance by Sept. 30, 2014, as congressionally mandated payment reductions will take place for producers who have not acted before that date. Livestock producers that have experienced grazing losses since October 2011 and may be eligible for benefits but have not yet contacted their local Farm Service Agency (FSA) office should do so as soon as possible.

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Tagged Post Topics Include: Economics, Market updates