Market Closes - February 20, 2013
Posted on Feb 20, 2013Cattle futures fell sharply today with feeder cattle touching limit down at one point. Renewed threats by the Administration that the March 1st sequester could reduce meat inspections may have also weighed on the market. Also it appears China may follow Russia in restricting red meat imports from the U.S. Cash feedlot trade opened steady with last week at $123/cwt. Boxed beef was near steady today.
Lean hog futures traded down early in the day in sympathy with cattle’s decline. However, a late surge turned prices positive. The pork cutout value rose nearly a dollar/cwt today.
The S&P 500 Index posted its worst loss of 2013 and the VIX (“fear index”) skyrocketed by 19% to 14.68, which is still relatively low. Money flowed back into Treasuries today to reverse part of Tuesday’s rate increases.
Corn Mar +5 700.5; Jly +2.5 683; Dec +4 561.5
Bean Mar +12.5 1483; Jly +11 1456; Nov +12 1287 Meal Mar +8 434; Oct +7 358 Oil -46 5207
Wheat Mar +6 738.5; Jly +6 748; Dec +5 768.5 KC +8 777; MGE +5 821
LC Feb -130 12510; Apr -132 12822; Oct -100 12975 FC Mar -245 14072; Apr -257 144360; Aug -262 15380 LH Apr -10 8295; Jun +37 9235; Oct +70 8295 Milk Feb -3 1724; Mar -20 1705
Oats +10 388 Rice +10 1602
US$ +.7%
Dow -108 13928 SP -19 1512 NAS -49 3164 Tran -99 5921 VIX +2.37 14.68 (+19%)
WTI -181 9485 Brent -237 11515 Gas -8 304 NG unch 327 HO -3 315 Eth steady 236.5
Gold -41 1563 Slvr -92 2850
2-yr -.008 0.270% 5-yr -.029 0.865% 10yr -.022 2.012% 30yr -.012 3.203%
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Tagged Post Topics Include: Economics, Market updates
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