Market Update - September 9, 2014

Posted on Sep 9, 2014
CBOT futures continued weakening ahead of Thursday’s USDA Crop Report and large crops seem assured with the forecast of frost being pushed north. Strong demand for cash soybean meal continues to lift the September futures contracts of meal and beans.

Corn Dec -4 344; May -4 365 Bean Nov -14 994; May -13 1015 Meal Oct -1 352; May -4 332 Oil -18 3178 Wheat Dec -5 528; Jly -6 566 KC -4 625; MGE -4 606 Oats +1 348 Rice -9 1235

LC Oct +75 15927; Apr +42 15775 FC Sep +117 22832; Mar +35 21770 LH Oct +170 10477; Feb +65 9312 Milk Sep -2 2443; Oct +22 2320

US$ steady

Dow -.3% SP -.3% NAS -.3% Tran -.2% VIX +.8% 12.76

WTI +.5% Brent -.4% Gas -.2% NG +3.2% HO -.3% Eth -2% Gold +.1% Slvr +.1%

5-yr +.043 1.757% 10yr +.026 2.495% 30yr +.007 3.230%

Blue Grass Stockyards Cattle Auction Report for 09/08/2014 Receipts: 979 Last Tuesday: 1066 Year Ago: 1298 Compared to last Tuesday steer calves under 600 lbs sold 3.00 to 5.00 higher with some 400-500 lbs and 600-700 lbs weaned calves 5.00 to 8.00 higher very good demand. Yearling steers sold 4.00 to 5.00 higher in a limited comparison. Heifer calves under 500 lbs sold 5.00 higher with very good demand; over 500 lbs sold steady to firm with good demand. Yearling heifers lightly tested. Quality was average through good. Slaughter cows and slaughter bulls sold steady with very good demand. Total supply included 10% slaughter cows, 02% slaughter bulls, 02% replacements and 86% feeders. Feeder supply 30% steers, 33% bulls, 37% heifers with 30% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates