Market Closes & Blue Grass Cattle - October 1, 2012
Posted on Oct 1, 2012Note that this is the beginning of the period used to determine the Average Harvest Price for crop insurance purposes.
Cattle futures closed higher, correcting some of last week’s losses. After cash fed steer prices fell about $3/cwt last week, traders reportedly expect cash price to improve this week. Boxed beef values were mixed today. Cattle may have also benefited from the strength seen in the hog pit.
After getting by Friday’s Hogs and Pigs Report without a bearish surprise, the Lean Hog futures market rallied strongly, especially in the deferred contracts where high feed costs may limit production. The October Lean Hog chart has an amazing look with the price trending higher since bottoming September 7 – with a gain of $6.50/cwt. The mid-August high of $77.70 stopped the rally today in its tracks.
Corn Dec +.5 757 (751-768); Mar +.5 760; Dec’13 +1 631
Bean Nov -41 1560 (low 1558); Mar -35 1529.5; Nov’13 -9 1329 Meal Oct -12 475; May -7 440 Oil -146 5072
Wheat Dec -18 884; Jly -13 854 KC -20 907; MGE -21 937
LC Oct +95 12302; Dec +142 12612; Apr +105 13357
FC Oct +87 14467; Nov +127 14562; Jan +75 14812
LH Oct +40 7757; Dec +137 7512; Apr +160 8915
Milk Oct +27 2113; Nov +17 2100
Oats -4 366
Rice -23 1524
US$ -.1%
Dow +78 13515
SP +4 1444
NAS -3 3114
Tran +7 4900
VIX +.59 16.32
WTI +19 9238
Brent -20 11219
Gas unch 292
NG +15.5 347.5
HO -2 314
Eth unch 234.5
Gold +6 1777
Slvr +11 3469
2-yr +.004 0.238%
5-yr -.009 0.615%
10yr -.015 1.618%
30yr -.010 2.813%
Blue Grass Stockyards Cattle Auction Report for 10/01/2012
Receipts: 1,220 Last Monday: 1,350 Year Ago: 1,882
Compared to last week, steer calves sold steady to firm with good demand. Heifer calves sold steady to 2.00 lower with moderate demand. Yearling steers and heifers light test and not fully established. Slaughter cows sold steady to 1.00 higher with moderate demand. Slaughter bulls sold steady to 2.00 higher with moderate demand.
Total supply included 11% slaughter cows, 02% slaughter bulls, 02% replacements and 85% feeders. Feeder supply 27% steers, 33% bulls, 40% heifers with 30% of feeders weighing over 600 lbs.
Tagged Post Topics Include: Economics, Market updates
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