Market Closes - January 14, 2013
Posted on Jan 14, 2013Cattle futures closed mostly lower as the cash cattle and boxed beef markets have weakened of late. Last week, feedlots sold cattle for $2-3/cwt below the previous week. The Choice-Select Spread narrowed sharply today with Choice down 0.15 at $194.09 and Select up 1.27 at $184.76. One might conclude U.S. consumers won’t be buying more steaks now that their FICA Payroll Tax jumped 2 percentage points on January 1st, resulting in most families having several hundred dollars less to spend than in 2011 and 2012.
Lean Hog futures closed higher on stronger cash hog prices today and from last week’s chart action finding support just above $84 in the March contract. The Pork Cutout value dropped 48 cents to $83.42/cwt.
Corn Mar +15 724; Jly +15 714; Dec +7 584
Wheat Mar +12 767; Jly +10 777 KC +16 823; MGE +7 853
Bean Mar +45 1418; Jly +41 1399; Nov +20 1286 Meal Mar +13 417.5; Oct +6 366 Oil +121 5045
LC Feb -25 13035; Jun -5 12965; Oct -17 13332 FC Jan -42 14945; Apr -7 15330; Aug +40 16057 LH Feb +102 8522; Apr +72 8785; Jly +62 9690 Milk Jan +6 1812; Feb -3 1758
Oats +7 354
Rice -16 1506
US$ -.1%
Dow +19 13507 SP -1 1471 NAS -8 3118 Tran +28 5600 VIX +.16 13.52
WTI +64 9420 Brent +130 11194 Gas +1 275 NG +5.5 338 HO +6 307 Eth +4 233
Gold +7 1669 Slvr +66 3106
2-yr +.004 0.257% 5-yr -.013 0.768% 10yr -.021 1.849% 30yr -.008 3.034%
Blue Grass Stockyards Cattle Auction Report for 01/14/2013
Receipts: 1,029 Last Monday: 1,449 Year Ago: 1,399
Compared to last week, steer calves sold 2.00 to 3.00 lower with moderate demand. Heifer calves sold 2.00 to 4.00 lower with moderate demand. Yearling steers and heifers lightly tested. Slaughter cows sold 3.00 to 5.00 lower in a light test with light demand. Slaughter bulls sold steady with moderate demand. Total supply included 04% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 95% feeders. Feeder supply 30% steers, 21% bulls, 49% heifers with 46% of feeders weighing over 600 lbs.
Tagged Post Topics Include: Economics, Market updates
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