Market Closes - December 10, 2012

Posted on Dec 11, 2012
 CBOT futures closed mixed.  Corn and wheat futures were pressured by YTD exports below expectations that could lead USDA to increase 2012/13 ending stocks in Tuesday’s WASDE report. Funds were likely liquidating longs to cut risk going into the report. Old-crop Chicago Wheat closed poorly, near the day’s lows; these contracts are also very close to chart support at the mid-November lows – if this level is broken, significant downside is opened up. Given the very poor condition of the US HRW wheat crop, one might argue that this support will hold.  March Corn is only 25 cents above significant chart support.

  Soybeans traded wide ranges of 20-25 cents.  The day’s lows came at the 9:30 a.m. opening and the market rallied throughout the day to close near the day’s highest price.  Strong weekly soybean export inspections were supportive.  Soybean futures may be helping to keep the losses in the corn and wheat pits from being larger.

  Live Cattle futures dropped hard on the opening bell today in follow through to Friday’s weak cash cattle market.  However, strength in today’s boxed beef market lifted LC futures off the lows. Choice up 1.10 at 194.05; Select up 0.54 at 172.93.   Feeder Cattle futures closed much higher, aided by the corn price drop.

Corn Mar -7 730; Jly -4.5 731; Dec -1 637

Bean Jan +2.5 1475; Jly +10 1451; Nov +5.5 1334.5   Meal Jan +2 445;  Oct +2 379   Oil +2 5115

Wheat Mar -12 849; Jly -7 867   KC -6.5 903;  MGE -7 927

LC Dec -27 12560; Feb -12 13027; Aug -12 13012

FC Jan +100 14977; Apr +77 15317; Aug +70 15842

LH Dec -15 8215; Feb +45 8392; Jun +20 9840

Milk Dec +1 1852; Jan +6 1813

Oats -2 389

Rice +18 1545

 US$ -.2%

Dow +15 1317

SP unch 1418

NAS +9 2987

Tran +55 5183

VIX +.15 16.05

WTI -26 8567

Brent +45 10747

Gas unch 260

NG -13 342

HO -1 291

Eth -2.5 235

Gold +9 1713

Slvr +19 3324

2-yr -.004 0.246% 5-yr -.005 0.621% 10yr -.006 1.622% 30yr -.007 2.801% 

Blue Grass Stockyards Cattle Auction Report for 12/10/2012 Receipts:      864   Last Monday: 2,187   Year Ago:    3,009    Compared to last week, steer calves sold steady to 2.00 lower in a light test with light to moderate demand.  Heifer calves sold steady with good demand. Yearling steers and heifers sold steady to 1.00 lower with moderate demand.  Slaughter cows sold firm with moderate demand. Slaughter bulls sold steady with moderate demand.      Total supply included 07% slaughter cows, 01% slaughter bulls, 01% replacements and 91% feeders.  Feeder supply 39% steers, 15% bulls, 46% heifers with 60% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates