Market Closes - February 15, 2013

Posted on Feb 15, 2013
CBOT futures closed higher on apparent short-covering ahead of the 3-day weekend. Futures markets are closed Monday for Presidents Day. Traders lack significant fundamental market news to drive the market at this time. Although the funds are building a short position in wheat futures, U.S. wheat is competitive on the world market as evidenced by a sale to Brazil and rumors of Chinese interest.

March Corn finally broke its 10-session string of lower closes. March has support at $6.78, the January low. Long term support comes in around $6.50.

Cattle futures closed moderately higher, boosted by the bullish chart reversals on Thursday. Choice carcasses dn 1.58 at 181.95; Select carcasses up 0.80 at 180.40.

Lean Hog futures closed narrowly mixed as hog and pork prices remain on the defensive.

Corn Mar +4 699; Jly +3 685; Dec -1 563

Bean Mar +6.5 1424.5; JLy +5.5 1405; Nov -3 1262   Meal Mar +2 409; Oct -1 347   Oil -8 5162

Wheat Mar +10 742; Jly +7 751; Dec +5 772   KC +2.5 777;  MGE +4 823

LC Feb +60 12650; Jun +62 12627; Oct +50 13055 FC Mar +70 14337; Apr +40 14662; Aug +67 15690 LH Apr -7 8425; Jun +25 9295; Oct -2 8325 Milk Feb unch 1723; Mar -6 1730

Oats -1 379 Rice +11 1583

 US$ +.1% Dow +8 13982 SP -2 1520 NAS -7 3192 Tran -1 5946   VIX -.20 12.46

WTI -130 9601 Brent -13 11787 Gas +3 315 NG unch 316 HO -1 321 Eth +2.4 235.3

Gold -26 1610 Slvr -58 2977

2-yr +.004 0.278% 5-yr +.008 0.865% 10yr +.006 2.007% 30yr +.015 3.177% 

Kentucky Weekly Livestock Summary for February 8 thru February 14, 2013 Receipts  This Week   Last Week  Last Year      22,537      17,567     20,898 Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 43 percent and Heifers approximately 41 percent.  Steers and Heifers over 600 lbs totaled approximately 57 percent.  Replacement cattle 2 percent. 

Compared to last week:  Steer and heifer calves steady to 3.00 lower; instances up to 5.00 lower.  Feeder Steers and Heifers 3.00-6.00 lower.  Demand best on light calves, but remains moderate at best.  Demand for Feeders light to moderate.  Continued pressure on boxed beef prices and resistance at the retail level in the toughest month for beef demand took its toll on cattle markets this week. Lower futures and fed cattle all pressured feeder prices lower this week.

Slaughter Cows and Bulls 2.00 to 4.00 higher with instances steady to 2.00 lower later in the week. 

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Tagged Post Topics Include: Economics, Market updates