Market Closes - December 11, 2012

Posted on Dec 11, 2012
  This morning’s USDA WASDE report proved bearish for Wheat futures due to the unexpected drop in exports and increased ending 2012/13 ending stocks. World ending stocks also exceeded trade expectations.  For today, the dismal condition of the US HRW crop was not important.  Traders have become accustomed to ignoring wheat conditions over the winter, but this year’s HRW crop is in its worst shape.  The sell-off in wheat futures was amplified by the penetration of chart support written about yesterday.

  Corn actually rallied after the WASDE came out at 730 am, but sold off soon as the trading pit opened at 930 am CT. Wheat’s sharp drop weighed on corn futures.

  Soybean carryout of 130 million bushels was as expected.  However, soybean futures sold off some, but found support from another soybean sale to China.

  Live Cattle futures closed strongly higher today as boxed beef values rose for a second day.  Choice UP 2.12 at 196.17; Select UP 1.74 at 174.67.  Feeder Cattle futures soared on rising Live Cattle futures and falling feed costs.

  Outside markets were generally supportive.

Corn Mar -2 728; Jly -5 726; Dec -9 628

Bean Jan -3 1472; Jly -5.5 1446; Nov -13 1321   Meal Jan +3 448;  Oct -3 376   Oil -95 5020

Wheat Mar -27 821; Jly -24.5 842   KC -22 881;  MGE -16 911

LC Dec +95 12655; Apr +142 13552; Aug +147 13160

FC Jan +230 15207; Apr +222 15540; Aug +205 16047

LH Dec -5 8210; Feb +22 8415; Jun +65 9905

Milk Dec -1 1850; Jan +24 1836

Oats 01 388

Rice +7 1552

 US$ -.3%

Dow +79 13248

SP +9 1428

NAS +35 3022

Tran +7 5190

VIX -.48 15.57

WTI +18 8574

Brent +80 10813

Gas +2 262

NG -4 342

HO +4 293.5

Eth -1 234

Gold -4 1709

Slvr -41 3289

2-yr  unch 0.258% 5-yr +.016 0.641% 10yr +.037 1.659% 30yr +.042 2.844%

Blue Grass Stockyards         Cattle Report for 12/11/2012  Close Receipts:      1,086   Last Tuesday:  1,873   Year Ago:      2,508    **Bluegrass Stockyards Lex. will be closed for Holidays Dec. 24-Jan. 6 and will resume Jan. 7, 2013.   

   Compared to Monday, steer calves sold 2.00 higher with moderate to good demand.  Heifer calves sold 2.00 to 3.00 higher with good demand.  Yearling steers sold steady to 1.00 higher with good demand. Yearling heifers sold steady in a limited comparison.  Slaughter cows and slaughter bulls sold steady with moderate demand.

   Total supply included 04% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 95% feeders.  Feeder supply 60% steers, 11% bulls, 29% heifers with 74% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates