Market Update - August 13, 2014
Posted on Aug 13, 2014CBOT pressure continues from Tuesday’s USDA reports as well as a declining crude oil market & stronger US dollar.
Cattle futures continue to lose value as the bearish momentum is sustained on news of fed cattle selling for $155/cwt, down $3-5 from last week. August Live Cattle traded down to early-July chart support and have rebounded some.
Lean Hog futures are trading higher, erasing a small part of Tuesday’s big losses. Need to see some stability in the Pork cutout. August Live Hog futures expire tomorrow.
Corn Sep -2 357; Dec -1 368 Bean Sep -9 1085; Nov -9 1051 Meal Sep +5 370; Dec -1 343 Oil -48 3416 Wheat Sep -4 534; Jly -2 590 KC -5 608; MGE -3 605 Oats +9 368 Rice +1 1266
LC Aug -200 14762; Oct -190 14577; Feb -100 15007 FC Aug -105 21350; Oct -175 21195; Mar -105 20445 LH Aug +77 11485; Oct +2 9720; Feb unch 8725 Milk Aug -3 2199; Sep -2 2204
US$ +.1%
Dow +.7% SP +.7% NAS +1% Tran +.9% VIX -7.6% 13.05
WTI -.1% Brent -.3% Gas -.5% NG -.7% HO unch Eth unch Gold unch Slvr +.4%
5-yr -.025 1.590% 10yr -.016 2.426% 30yr -.010 3.257%
Today’s CME Daily Livestock Report highlights a key factor leading to the sharp drop in the pork cutout the past week. Ham prices had risen on Russian demand but with the new 1-year ban on U.S. ag products, the market has dropped dramatically. Read DLR newsletter here.
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Tagged Post Topics Include: Economics, Market updates
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