Market Closes - January 9, 2013

Posted on Jan 9, 2013
  CBOT futures posted a mixed close with corn higher and wheat futures lower. Corn futures closed higher for the third day in a row supported by technical buying and positioning ahead of Friday’s key USDA reports. A drop in ethanol stocks was also credited for higher corn prices. Soybean futures closed little changed and traded relatively narrow ranges today. Old-crop soybean futures have rebounded nicely this week off last Friday’s lows which tested the November 2012 lows, thus creating double-bottom support. Wheat futures rallied early morning ahead of the open of the Pit trade, but subsequently collapsed upon the pit bell ringing; wheat traded sideways the rest of the day with selling at the closing bell. 

REMINDER: USDA grain reports (production, stocks, acreage, WASDE) will now be released at NOON, Eastern Time, instead of 8:30 a.m.

 The following Dow Jones Survey estimates were reported in the Daily Livestock Report for FRIDAY’s reports. Corn: Avg Yield 122.4 vs 122.3 previous USDA Production = 10.626 billion vs 10.725 billion previous USDA Ending Stocks = 667 million vs 647 in last USDA report. December 1st Stocks = 8.210 billion  

Soybean: Avg yield = 39.6 bu vs 39.3 previous USDA Production = 2.999 billion vs 2.971 previous USDA Ending Stocks = 135 million vs 130 in last USDA report. December 1st Stocks = 1.984 billion  

Cattle futures dropped hard as traders may be giving up some hope for cash live cattle strength. Live Cattle futures are at a significant premium to cash.  CHOICE beef dropped 43 cents to $193.55/cwt today. The Choice-Select spread is now $10/cwt.

Lean Hog futures fell sharply on long-liquidation as cash hog prices weakened. LH futures are at a premium to cash carcass values.

Corn Mar +5.5 694; Jly +5 688; Dec +4 582

Bean Mar -1 1385; Jly unch 1372; Nov +3 1289   Meal Mar -1 410; Oct unch 366   Oil +11 4964

Wheat Mar -5 745.5; Jly -6 761.5; Dec -6 786.5   KC -7.5 801; MGE -5 840

LC Feb -100 13155; Apr -95 13535; Oct -50 13412 FC Jan -122 15150; Apr -100 15557; Aug -65 16197 LH Feb -215 8420; Apr -262 8732; Jly -225 9600 Milk Jan +7 1807; Feb -13 1770

Oats +5 336

Rice +3 1523

 US$ +.2%

Dow +62 13390 SP +4 1461 NAS +14 3106 Tran +54 5546   VIX +.19 13.81

WTI +7 9322 Brent -28 11166 Gas -1.5 278 NG -8 313.5 HO +.6 306.5 Eth +1 223

Gold -6 1657 Slvr -7 3039

2-yr -.020 .240% 5-yr -.023 0.771% 10yr -.017 1.862% 30yr -.012 3.063%

 Blue Grass Stockyards                                           Cattle Report for 1/8/2013 Receipts:  1,665   Last Tuesday:  No Sale Holiday   Year Ago:  2,069

   Compared to Monday, steer and heifer calves sold about steady with good demand.  Yearling steers sold steady to weak with good demand. Yearling heifers limited comparison.  Slaughter cows sold steady with good demand.  Slaughter bulls sold steady with good demand.    Total supply included 06% slaughter cows, 02% slaughter bulls, 01% replacements and 91% feeders.  Feeder supply 50% steers, 10% bulls, 40% heifers with 65% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates