Market Closes - December 3, 2013

Posted on Dec 3, 2013
Corn and wheat futures closed at the high end of the day’s ranges with strong gains. Wheat was supported by corn’s strength and the threat of winterkill in the Central Plains. Corn rallied on apparent short-covering following Monday’s price reversal after hitting a new low.  Corn futures are now at levels which could finally break the months-long down trend.  Additional gains this week might confirm a double-bottom low and allow prices to rise.

Soybean futures closed steady in old-crop and higher in new-crop contracts. Nearby soybeans traded both sides of unchanged but sharply lower soybean oil futures and concerns about Chinese soybean cancellations led to a weak close. South American crop conditions are favorable.

Cattle futures extended Monday’s losses on long liquidation as boxed beef values weaken.  Choice down 0.06 at 203.00; Select down 1.53 at 189.95/cwt.

Lean Hog futures closed down sharply on long liquidation as cash hog and pork markets weaken on heavier average weights and receipts. December futures are at a premium to cash prices. Technically, December futures traded and closed at new lows since prices peaked in late October. Corn Mar +7 431 (423-432); Jly +7 447; Dec +6 460 Bean Jan -1 1320; Jly +1 1280; Nov +8 1158 Meal Jan unch 429; Jly +3 402 Oil -49 4011 Wheat Mar +6 668; Jly +5 668 (662-669) KC Mar +6 711;  MGE +2 704 Oats +5 329 Rice +3 1593

LC Dec -72 13252; Apr -15 13485; Jun unch 12892 FC Jan -50 16485; Apr -45 16617; Aug -32 16777 LH Dec -120 8482; Feb -147 8897; Jun -92 9947 Milk Dec +28 1888; Jan +37 1834

US$ -.4%

Dow -94 15915 SP -6 1795 NAS -8 4037 Tran -70 7184 VIX +.32 14.55

WTI +309 9691 Brent +130 11275 Gas +6 274 NG -1 398 HO +2 307 Eth +5 176

Gold +2 1224 Slvr -17 1906

2-yr unch 0.29% 5-yr -.02 1.40% 10yr -.02 2.78% 30yr -.02 3.84%

USDA Farm Storage Loans Available    Lexington, December 3, 2013 ---Kentucky USDA Farm Service Agency (FSA) State Executive Director John W. McCauley reminds farmers and ranchers that Farm Storage Facility Loans (FSFL) are available through FSA. The Farm Service Agency offers low-interest loans to grain producers to build new or upgrade existing storage facilities and permanent drying and handling equipment. Loan opportunities include, but are not limited to:

•   New conventional-type cribs or bins, oxygen-limiting and other upright silo-type structures, and flat-type storage structures designed for whole grain storage,

•   Perforated floors, safety equipment, quality improvement equipment, electrical equipment and concrete components considered essential for a fully functional storage facility,

•   Remodeling existing storage facilities to increase storage capacity.

Contact your local FSA Office for more information on Farm Storage Facility Loans or visit the web at www.fsa.usda.gov/ky. KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates