Market Closes - December 20, 2012
Posted on Dec 21, 2012March CBOT Wheat closed below support at $8.00 so downside risk is $7.75 to start. The spec funds continue to build a very large SHORT futures position.
Momentum at the CBOT is very negative at this time. The market needs some news/event to cause a short-covering rally.
Cattle futures couldn’t escape the general bearish day in agricultural futures. Cash cattle reportedly traded today at $126/cwt. Cattle on Feed will come out tomorrow afternoon.
Lean Hog futures experienced relatively small losses today. The Pork Cutout dropped $1.13 to $81.90/cwt.
Corn Mar -6.5 696.5 (low 687.5); Jly -8.5 697; Dec -10 604
Bean Jan -28 (low 1403); Jly -23.5 1390; Nov -13 1288 Meal Jan -9 428; Oct -4.5 368 Oil -50 4791
Wheat Mar -15 790; Jly -15 808 (low 800) KC -14 844; MGE -12 884
LC Dec -52 12895; Feb -85 13350; Aug -95 13160 FC Jan -120 15227; Apr -82 15665; Aug -47 16205
LH Feb -12 8645; Apr -27 9117; Jly -37 9987
Milk Dec -9 1856; Jan -13 1780
Oats -15 360
Rice +8 1527
US$ -.1%
Dow +60 13312
SP +8 1444
NAS +6 3050
Tran +37 5358
VIX +.31 17.67
WTI -1 8997
Brent -15 11021
Gas +1 275
NG +12 344
HO +2 305
Eth -1 221
Gold -22 1646
Slvr -114 2998
2-yr -.011 0.268% 5-yr +.007 0.778% 10yr -.005 1.801% 30yr -.005 2.984%
Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 12/19/12 Receipts: 2,568 Last Week: 1,950 Year Ago: 1,971
**Total includes 519 head sold in special cow sale Wed. night.
*****Bluegrass Stockyards Lex. will be closed for Holidays Dec. 24-Jan. 6 and will resume Jan. 7, 2013.****
Compared to last week steer and heifer calves under 600 lbs sold 4.00 to 10.00 higher with very good demand; some featherweight steers under 450 lbs 10.00 to 20.00 higher with active farmer participation for lightweight 400-500 lb calves. Yearling steers sold steady to 1.00 higher with good demand. Yearling heifers 4.00 higher in a limited comparison. Slaughter cows sold 2.00 to 3.00 higher with good demand. Slaughter bulls sold steady with moderate demand.
Total supply included 07% slaughter cows, 01% slaughter bulls, 19% replacements and 73% feeders. Feeder supply 37% steers, 19% bulls, 44% heifers with 54% of feeders weighing over 600 lbs.
Tagged Post Topics Include: Economics, Market updates
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