Market Closes, Blue Grass Cattle, Isaac's Rainfall - August 28, 2012

Posted on Aug 28, 2012
** latest rainfall forecast map has less H2O for KY **

A weaker US dollar and higher crude oil prices should have been supportive to commodity prices but corn, wheat and precious metal futures were all weaker.  Corn futures closed near the day’s lows and are not very far above support at the bottom of this month’s trading range. The same is true for CBOT Wheat futures.  Soybean futures were supported by an export sale to China.

Live Cattle futures edged higher in a generally quiet market. The August contract is fairly priced compared to the cash market. October’s premium to cash may limit the upside. Boxed Beef: Choice DN 0.07 at 191.91; Select DN 0.23 at 181.94.

Lean Hogs closed lower as market fundamentals remain weak. The Pork Cutout fell 1.46 to $83.26/cwt.

Corn Sep -5 789.5; Dec -5 795.5 (794-805);  May -5 790.5; Dec’13 +1.5 649

Bean Sep +3 1732; Nov +3.5 1722 (1701-1731);   May +6.5 1548; Nov’13 +15.5 1338

Meal +2.4 534 Oil -18 5573

Wheat Sep -7 855; Dec -6 875; Jly -2 847.5 KC -5.5 867;  MGE -3 910

LC Aug +42 11882; Oct +27 12375; Feb +20 13125

FC Aug +2 14030; Oct +55 14447; Jan +40 14872

LH Oct unch 7325; Dec -30 7075; Apr -12 8752

Milk Sep -3 1905; Oct -2 1995

Oats -5 374;

Rice +7 1538

US$ -.4%

Dow -22 13103

SP -1 1409

NAS +4 3077

Tran -11 5062

VIX +.14 16.49

WTI +64 9611

Brent +21 11247

Gas -3 313

NG -4 261

HO +.5 312

Eth -.6 258

Gold -6 1667

Slvr -20 3084

2-yr unch 0.268%

5-yr -.008 0.678%

10yr -.015 1.637%

30yr -.012 2.749%

PORK INDUSTRY FACES RECORD LOSSES   “Losses per head this summer are estimated at $30, to be followed this fall by record quarterly losses of $60 per head. Losses in the first and second quarters of 2013 are projected to be $38 and $5 per head, respectively. Over this one year span, losses may average about $33 per head. That means total losses of around $4 billion for the U.S. industry.” From Weekly Outlook, University of Illinois Extension and Purdue University, August 27, 2012. http://farmdoc.illinois.edu/marketing/weekly/pdf/082712.pdf Blue Grass Stockyards    Cattle Report for 08/28/2012  Close Receipts:  1,321 Last Tuesday:  989 Year Ago:  1,342

Compared to Monday's sale steer and heifer calves sold steady to 2.00 higher with good demand; featherweight calves 5.00 to 10.00 higher with very good demand.  Yearling steers limited comparison.  Yearling heifers steady in a limited comparison.  Slaughter cows sold steady to 1.00 lower with moderate demand.  Slaughter bulls sold steady with good demand. Total supply included 06% slaughter cows, 01% slaughter bulls, 1% replacements and 92% feeders.  Feeder supply 45% steers, 11% bulls, 44% heifers with 76% of feeders weighing over 600 lbs. 

Tagged Post Topics Include: Economics, Isaac, Market updates