Market Closes - February 13, 2013

Posted on Feb 13, 2013
CBOT futures closed mixed with small price changes. Futures traded lower overnight but rallied once the pit opened. No major fundamental news in the market. Buying today was probably short-covering from an “oversold” condition. Traders will be watching Thursday’s export sales report but I doubt there’s anything in it to move the market significantly. China is on holiday.

Just a reminder that the February CBOT futures market establishes the baseline crop insurance prices.

Cattle futures closed lower with feeder futures down sharply, moving to new contract lows. Today’s sell-off took the February contract down to chart support at the January low. A few cattle sold at the feedlot for $123/cwt, down $2 from last week. Beef packers are losing money on every head processed. Boxed beef values crept higher today -- Choice up 0.23 At 183.68; Select up 0.02 at $179.32/cwt.

Lean Hog futures closed mixed with the February contract up slightly ahead of tomorrow’s contract expiration. The Pork Cutout value collapsed today, dropping 2.68/cwt to end at $79.96, the lowest level since September. As the CBOT prices drop, it weighs on deferred livestock futures as finished animals could be heavier with cheaper feed.

The next major USDA report is the USDA Outlook Conference on February 22.

Corn Mar -1 695.5; Jly -4 683; Dec +1 564

Bean Mar +2 1423; Jly +4 1405; Nov -3.5 1272.5   Meal Mar -2 408; Oct -3 352   Oil +56 5166

Wheat Mar +3.5 735.5; Jly +4.5 746; Dec +4 769   KC +2 780; MGE +7 823

LC Feb -55 12550; Apr -55 12940; Oct -57 12945 FC Mar -190 14135; Apr -220 14495; Aug -247 15460 LH Feb +22 8747; Apr -20 8580; Jly -5 9375 Milk Feb unch 1725; Mar -1 1740

Oats +2 380 Rice +19.5 1585.5 

US$ steady/firm Dow -36 13983 SP +1 1520 NAS +10 3197 Tran +22 5929 VIX +.34 12.98

WTI -33 9718 Brent +6 11872 Gas steady 305 NG +7 330 HO -1 322 Eth -2 237

Gold -6 1642 Slvr -25 3076

2-yr +.020 0.290% 5-yr +.042 0.913% 10yr +.041 2.031% 30yr +.034 3.233%

Blue Grass Stockyards Cattle Report for 02/12/2013   Receipts:  1,410   Last Tuesday:  672   Year Ago:  702    Compared to Monday, steer calves sold steady to 2.00 higher except featherweight calves under 400 lbs 5.00 higher with good demand.  Heifer calves sold about steady with moderate demand. Yearling steers and yearling heifers no comparison with yesterday, however compared to last week sold 3.00 to 5.00 lower with light demand.  Slaughter cows and slaughter bulls sold steady with good demand.    Total supply included 04% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 96% feeders.  Feeder supply 52% steers, 11% bulls, 37% heifers with 73% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates