Market Closes - March 11, 2013

Posted on Mar 11, 2013
Follow-through buying from Friday’s friendly WASDE report and good weekly corn export inspection gave Corn futures a boost today. May Corn futures have rallied strongly off the $6.80 chart support area and are approaching the 200-day moving average near $7.20 (rising). Old-crop soybean futures continue to be supported by tight old-crop supplies and good exports (although last week’s shipments were less than expected). Old-crop soybean futures have rallied strongly over the past month and are now at the upper end of the trading range. Eventually, the South American supplies will slow the pace of US exports. Brazil has around half of its soybeans harvested.

Live Cattle futures closed higher on optimism that declining beef production (-2.9 pct YTD) will lead to higher boxed beef and cash cattle prices. Boxed beef was mixed today with Choice down 0.40 at 196.88 and Select up 0.67 at 195.60. Feeder cattle futures were mostly lower with the March FC contract closing at a new low. The rising old-crop CBOT futures is weighing on the nearby feeder market. Cattle sold at Blue Grass were mostly lower compared to last week (see report below).

USDA report year-to-date pork production is down 2.2 pct from 2012 and chicken production is up 4.6 pct y/y.

Corn May +8 711; Jly +10 691; Dec +7 554 Bean May +8.5 1479.5; Jly +7.5 1455; Nov +1.5 1270   Meal May +3 438; Oct -1 357   Oil +10 5044 Wheat May +3 700; Jly +3 702; Dec +3 721   KC +2 736; MGE +2 794

LC Apr +57 12812; Jun +5 12342; Oct +35 12882 FC Mar -77 13820; Apr +2 14137; Aug -22 15032 LH Apr -87 8115; Jun -85 9085; Oct -70 8255 Milk Mar +2 1705; Apr -8 1712

Oats +5 393 Rice -12 1524

US$ -.24% 82.56 Dow +50 14447 SP +5 1556 NAS +9 3253 Tran +8 6151   VIX -1.03 11.56

WTI +8 9203 Brent -82 11003 Gas -5 315.5 NG +1 364 HO -1.4 296 Eth +3 254

Gold +4 1581 Slvr +1 2895

2-yr +.012 0.261% 5-yr +.011 0.899% 10yr +.015 2.064% 30yr +.016 3.263% 

Blue Grass Stockyards Cattle Auction Report for 03/11/2013 Receipts:  1228   Last Monday:  914   Year Ago:  1655    Compared to last week, steer calves sold mixed with featherweight calves under 300 lbs 5.00 higher; 400-500 lbs 5.00 lower with light to moderate demand on a plain to average quality offering.  Yearling steers sold 2.00 to 3.00 lower with light to moderate demand in a light test.  Heifer calves under 400 lbs sold steady, 400-600 lbs 3.00 to 6.00 lower with light demand over 600 lbs 2.00 to 3.00 lower with light demand.  Slaughter cows sold steady with good demand.  Slaughter bulls sold steady with good demand.    Total supply included 09% slaughter cows, 02% slaughter bulls, 01% replacements and 88% feeders.  Feeder supply 33% steers, 27% bulls, 40% heifers with 46% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates