Market closes - August 7, 2012

Posted on Aug 7, 2012
Thanks to better than expected rain over the weekend, the big spec funds sold soybean futures to lock in profits. Expect to see more cash support as prices drop. China is still buying. The sharp drop in the soybean pit pressured corn and wheat futures, but wheat managed to close with gains and only 3-4 cents below the day’s highs. Wheat production forecasts in foreign countries appear to be sliding lower. Cattle futures closed mostly lower, having lost the midday gains. Most contracts closed near the day’s lows. Boxed beef edged higher. August futures remain at a premium to recent cash steer price of $118. Lean Hog futures closed lower after Friday’s huge losses. Although the pork cutout value jumped $1.10/cwt to 94.25 today, cash hog prices were mixed and failed to lift futures.

Commodities:

Corn Sep -7 803; Dec -2.5 805 (low 789); May -1 801

Bean Sep -43 1592.5; Nov -44.5 1584 (low 1576); May -12 1445 Meal -12.3 497.5 Oil -58 5170

Wheat Sep +2 893; Dec +2.5 906; Jly +7 855.5 KC unch 896; MGE -5.5

LC Aug unch 11997; Dec -15 12712; Apr +5 13415

FC Aug -52 13842; Oct -7 14005; Jan -35 14615

LH Aug -82 8872; Oct -67 7517; Feb -60 8032

Milk Aug +5 1754; Sep +43 1920

Oats -4.5 373.5

Rice -2.5 1595

US$ -.1% Dow +21 13118 SP +3 1394 NAS +22 2990 Tran -4 5082 VIX +.31 15.95 WTI +68 9208 Brent +62 10956 Gas -1 292 NG +6 294 HO +1 294 Eth -1 258 Gold +4 1610 Slvr +2 2782 2-yr unch 0.240% 5-yr -.016 0.650% 10yr -.003 1.565% 30yr +.003 2.652%

Blue Grass Stockyards Cattle Auction Report for 08/06/2012 Receipts: 456 Last Monday: 557 Year Ago: 761 Compared to last week steer calves sold steady to 3.00 higher with moderate to good demand. Heifer calves sold under 700 lbs sold 2.00 to 3.00 higher with good demand. Yearling steers 3.00 higher in a limited comparison. Yearling heifers limited comparison. Slaughter cows and slaughter sold steady with moderate to good demand. Total supply included 16% slaughter cows, 03% slaughter bulls, less than 01% replacements and 81% feeders. Feeder supply 29% steers, 33% bulls, 38% heifers with 47% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Commodity prices, Economics, Stock prices