Market Closes - February 21, 2013

Posted on Feb 21, 2013
CBOT futures were lower except for nearby soybeans and soybean meal. Strong soybean exports to China is about the only positive market fundamental visible at this time. The outside markets were bearish today with the US dollar continuing to strengthen, crude oil falling sharply, and equity markets dropping for another day. The central Plains received heavy snow and the storm is crossing the Corn Belt too. If weather patterns become wetter into spring, upside price potential will be limited.

2013-14 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