Market Closes - February 8, 2013 - Kentucky Farm Bureau

Market Closes - February 8, 2013

Posted on Feb 8, 2013
Although the USDA WASDE report appeared to be close to “expected”, fund selling weighed on soybean futures. Some reports have traders selling soybeans and buying corn and wheat futures. As the South American crops develop without serious problems, it seems the path of least resistance is down for CBOT futures. 

U.S. Ending Stocks for 2012/13

Crop

USDA today

Avg Guess USDA last month
Corn

632

616 602
Soybean

125

130 135
Wheat

691

717 716
Corn exports were cut 50 million bushels to 900 million. Soybean Crush increased 10 million bushels to 1.615 billion. Wheat Feed & Residual increased 25 million bushels 1.400 billion.

Cattle futures fell sharply on beef demand concerns. Boxed beef values fell sharply too. Choice DN 1.34 at 182.12; Select DN 1.51 at 179.62. Feedlots sold cattle at steady to weak prices compared to last week. Early-week optimism proved unwarranted.

Corn Mar -2 709 (707-21); Jly -3 699; Dec -3 563 (561-70)

Bean Mar -34 1452 (1451-95); Jly -37 1425; Nov -42 1282 (1280-1330)   Meal Mar -15 422; Oct -17 356   Oil -42 5143

Wheat Mar unch 756 (753-71); Jly -1 763 (759-74); Dec unch 784   KC -1 800; MGE -3 836

LC Feb -110 12645; Jun -132 12570; Oct -160 13030 FC Mar -220 14500; Apr -237 14820; Aug -225 15670 LH Feb -52 8645; Apr -40 8612; Jly -30 9410 Milk Feb +2 1724; Mar +3 1742

Oats +4 386 Rice +22 1634

US$ unch Dow +49 13993 SP +9 1518 NAS +29 3194 Tran +24 5911   VIX -.48 13.02

WTI -6 9577 Brent +163 11887 Gas +5.7 305.7 NG -2 326 HO+4 Eth steady 241

Gold -3 1668 Slvr +3 3143

2-yr -.008 0.258% 5-yr +.003 0.834% 10yr -.007 1.950% 30yr -.009 3.162%

Kentucky Weekly Livestock Summary for February 1 thru February 7, 2013 Receipts                This Week  Last Week   Last Year 17,567     13,949       22,982

Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 40 percent and Heifers approximately 42 percent.  Steers and Heifers over 600 lbs totaled approximately 56 percent.  Replacement cattle 2 percent.

Steers and Heifers sold mostly steady to 3.00 higher with instances up to 5.00 higher.  Most of the increase occurred later in the week.  Yearlings trended 2.00 higher.  Ice and Snow continued into the early part of the session slowing the movement of cattle.  Demand was good to very good for all classes.  

Slaughter Cows and Bulls were mostly 2.00-4.00 higher with good to very good demand.

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Tagged Post Topics Include: Economics, Market updates


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