Market Closes - April 11, 2013
Posted on Apr 11, 2013Traders have many factors to figure out: wheat damage from recent freezing temps in the Plains; is Corn Belt rain good (soil moisture) or bad (delayed field work); and demand reduction from bird flu in China.
Live Cattle futures managed small gains following yesterday’s sharp losses. However, feeder cattle futures continued to move lower with the nearby April contract moving back toward the March lows. Boxed beef lost value again today -- Choice down 0.80 at 190.15; Select down 0.58 at 183.99/cwt.
Lean Hog futures closed mixed. The nearby April contract which expires tomorrow is near its chart resistance level; however, the May contract is closer to its chart support. The May contract is about $6/cwt premium to the April so cash hog prices have quite a bit of improvement to make in the next 3 weeks if this support is going to hold up.
Corn May +2 651; Jly +1 633.5; Dec +1 544 Bean May +9 1402; Jly +1 1368; Nov -11 1227 Meal May +2 395; Oct -3 339 Oil -26 4977 Wheat May +1 698; Jly unch 703; Dec -2.5 724 KC Jly +8 746; MGE +2 784 Oats +5 367 Rice +9 1576
LC Apr +30 12557; Jun +65 12065; Oct +22 12525 FC Apr -127 13922; May -55 14177; Aug -35 14882 LH Apr +37 8160; Jun -5 8945; Oct -20 8100 Milk Apr +7 1759; May +43 1874
US$ -.3% Dow +63 14865 SP +6 1593 NAS +3 3300 Tran -16 6165 VIX -.12 12.24
WTI -117 9347 Brent -149 10430 Gas -2 285 NG +8.4 417 HO -4 291 Eth +2.5 245
Gold +2 1561 Slvr -8 2757
2-yr unch 0.23% 5-yr -.01 0.73% 10yr -.01 1.79% 30yr -.01 3.00%
Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/10/13 Receipts: 5,431 Last Week: 2,429 Year Ago: 3,870 **Total receipts include 976 head sold in Holstein sale Wed. night. Compared to Monday, steer calves sold steady to 2.00 higher with moderate demand. Heifer calves sold steady to 2.00 higher however featherweight heifer calves under 400 lbs 5.00-10.00 higher in a light test with very good demand. Yearling steers and heifers sold steady with moderate demand. Mostly average to good quality offering. Slaughter cows sold 1.00 to 2.00 lower with moderate demand. Slaughter bulls sold steady with good demand. Total supply included 06% slaughter cows, 01% slaughter bulls, less than 01% replacements and 93% feeders. Feeder supply 50% steers, 16% bulls, 34% heifers with 54% of feeders weighing over 600 lbs.
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Tagged Post Topics Include: Economics, Market updates
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