Market Closes - February 14, 2013

Posted on Feb 14, 2013
Although only by 0.75 cent, March Corn futures has closed lower for the 10 th straight day for a total loss of 46 cents. Export sales remain disappointing. Offsetting a small portion of the losses is improving export basis levels.

Soybean futures reduced the morning losses that resulted from lower-than-expected weekly export sales due to China’s cancelling purchases (must have been before the lunar holiday started). Traders continue to watch rainfall forecasts for Argentina. Brazil’s soybean harvest is reportedly 12 pct complete and ahead of normal.

CBOT Wheat posted small losses after futures rallied on strong weekly export sales.

Cattle futures closed higher after hitting new lows for the move. These technical “reversals” are a positive sign but fundamentals have to get in sync. Boxed beef values were little changed today. More cattle left the feedlot at $123/cwt today.

Lean Hog futures closed sharply lower following yesterday’s huge drop in the Pork Cutout value. The cutout closed steady today.

The U.S. dollar strengthened today on weak economic reports from Europe and a better than expected U.S. jobless claims report. A strong dollar hurts U.S. export competitiveness. News reports today suggest investment funds are reducing commodity positions and buying equities. It may be planting season before the funds have reason to buy crop futures in a significant way.

Corn Mar -1 695; Jly -1 682; Dec -.5 564 (557-568)

Bean Mar -5 1418; Jly -5.5 1399; Nov -8 1265 (1257-1277) Meal Mar -1 407; Oct -4 348   Oil +4 5170

Wheat Mar -3.5 732; Jly -2 744 (736-50) KC -5 775; MGE -4 819

LC Feb +40 12590; Jun +75 12565; Oct +60 13005 FC Mar +132 14267; Apr +127 14622; Aug +162 15622 LH Apr -147 8432; Jun -145 9270; Oct -152 8327 Milk Feb unch 1723; Mar -7 1737

Oats unch 380 Rice -13 1572

US$ +.4% Dow -10 13973 SP +1 1521 NAS +2 3199 Tran +18 5948  VIX -.32 12.66

WTI +31 9732 Brent +15 11803 Gas +10 314 NG -14 317 HO +1 323 Eth -4 233

Gold -11 1634 Slvr -48 3039

2-yr -.004 0.270% 5-yr -.045 0.858% 30yr -.050 3.180% 

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 02/14/13       Receipts:  2,411   Last Week:  1,403   Year Ago:  1,748 Compared to last week steer calves sold about steady with moderate to good demand.  Heifer calves sold 1.00 to 4.00 lower with light to moderate demand most decline on 400-500 lbs.  Yearling steers and heifers sold 3.00 to 5.00 lower with light demand.  Slaughter cows sold 2.00 to 4.00 higher with good demand.  Slaughter bulls sold steady with good demand.

 Total supply included 08% slaughter cows, 01% slaughter bulls, less than 01% replacements and 91% feeders.  Feeder supply 44% steers, 16% bulls, 40% heifers with 61% of feeders weighing over 600 lbs.

 KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates