Market closes and Bluegrass cattle update - August 23, 2012

Posted on Aug 23, 2012

Corn Sep -21.5 809; Dec -20 815 (812-839);

May -17 806; Dec’13 -6 647

Bean Sep -21 1727; Nov -13 1715 (1704-1745);

May -4.5 1527.5; Nov’13 -12 1316

Meal -8 528

Oil -5 5612

Wheat Sep -22 874.5; Dec -22 895; Jly -9.5 852

KC -22 883;  MGE -21 920

LC Aug +40 12032; Oct +45 12492; Feb +90 13225

FC Aug +105 14127; Oct +180 14482; Jan +165 14840

LH Oct -60 7257; Dec -22 7060; Feb -5 7825

Milk Aug +8 1771; Sep +17 1923

Oats -5.5 387.5

Rice -16.5 1542

 

CBOT closed sharply lower, pressured by bearish energy and equity markets and some better yield reports coming from the ProFarmer crop tour in Iowa and Illinois.  These outside markets turned negative as some U.S. economic reports were disappointing. Not only do the stock indexes possibly have “double-top” formations, but November Soybeans charted a key reversal down.  December Corn futures failed to challenge the $8.49 high from August 9 (post USDA report) and is now trading much lower. $7.86 is critical support for the December Corn.

Live Cattle futures recovered from early losses to close higher, supported by steady to firm cash cattle and beef markets.  Feeder Cattle posted bigger gains as feed costs fell.

Lean Hog futures finished lower as cash hog and pork markets have been weak and slaughter numbers are up.

The CME Group raised initial margins by about 20% for Lean Hog futures and by 33% for Class IV Milk futures.

 

US$ -.2%

Dow -115 13057

SP -11 1402

NAS -20 3053

Tran -53 5115

VIX +.85 15.96

WTI -129 9597

Brent -49 11442

Gas +.4 311

NG +.6 283

HO -.3 312.6

Eth -3.6 263

Gold +33 1670

Slvr +96 3051

2-yr unch 0.263%

5-yr -.006 0.692%

10yr -.022 1.673%

30yr -.023 2.785%

 

Blue Grass Stockyards

Cattle Weekly Summary Report for the week ending 08/22/12

Receipts:  2,027   Last Week:  1,700   Year Ago:  2,590

**Total receipts include 250 head sold in special cow sale Wed. night.

 

Compared to last week steer and heifer calves sold steady to 2.00 higher with good demand.  Yearling steers sold firm with good demand.   Yearling heifers not fully established.  Slaughter cows sold steady to 2.00 higher.  Slaughter bulls sold 4.00 higher with very good demand.

Total supply included 08% slaughter cows, 2% slaughter bulls, 10% replacements and 80% feeders.  Feeder supply 52% steers, 15% bulls, 33% heifers with 57% of feeders weighing over 600 lbs.

 

Tagged Post Topics Include: Bluegrass cattle, Economics, Market updates