Market Closes - February 21, 2013
Posted on Feb 21, 20132013-14 season average price forecasts released at the USDA Outlook Conference today are not good news. For corn, USDA expects $4.80/bushel compared to $6.75-7.65 for 2012/13 and $6.22 in 2011/12. The soybean season average price forecast is $10.50 for 2013/14, down from $13.55-15.05 this season, and $12.50 in 2011/12.
Cattle futures were mostly lower. Boxed beef values were mixed. No additional fed cattle trade was reported. Friday afternoon’s Cattle on Feed report is expected to show January placements at 100.3 pct of a year ago; marketings at 104.7 pct; and February 1 inventory at 93.8 pct of a year earlier.
Lean Hog futures closed lower as did the Pork Cutout value. April Lean Hogs traded to a new low price not seen since June 2012.
Corn Mar -10 691; Jly -9.5 673; Dec -7.5 554
Bean Mar +5 1488; Jly -2 1454; Nov -10 1277 Meal Mar +4 437; Oct -2 355 Oil -76 5131
Wheat Mar -17 721; Jly -20 728; Dec -18.5 750 KC -20 757; MGE -14 806
LC Feb +20 12530; Apr -40 12782; Oct -27 12947 FC Mar -2 14070; Apr -42 14317; Aug -32 15347 LH Apr -57 8237; Jun -65 9170; Oct -30 8265 Milk Feb -2 1722; Mar +15 1720
Oats +2 389 Rice -19 1583
US$ +.4% Dow -47 13880 SP -10 1502 NAS -33 3131 Tran -46 5876 VIX +.54 15.22
WTI -226 9296 Brent -190 11370 Gas -1 305 NG -4 324 HO -5 310.5 Eth -1.5 235
Gold -2 1576 Slvr steady 2862
2-yr -.012 0.262% 5-yr -.028 0.839% 10yr -.035 1.978% 30yr -.035 3.166%
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Tagged Post Topics Include: Economics, Market updates
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