Market Closes - March 7, 2013 - Kentucky Farm Bureau

Market Closes - March 7, 2013

Posted on Mar 7, 2013
CBOT futures fought off weak starts to the day to close mostly higher ahead of tomorrow’s 11 am USDA WASDE report. It’s interesting to note that both May Corn and May Chicago Wheat bounced off of support in the area of $6.81.

The average trade estimates for 2012/13 ending stocks are: Corn, 649 million bushels (up 17 million); Soybeans, 122 million (down 3 million); and Wheat 713 million bushels (up 22 million).

With more fed cattle trading at $128 cash, the April LC contract closed lower. Deferred LC and Feeder Cattle futures managed small gains. Boxed beef traded higher again today.

With indications of stronger cash hog prices early, Lean Hog futures started higher and kept going as traders covered short positions that have worked since February 1st.

The US dollar lost all the gains it had on Wednesday. Market reports suggest investors have moved money from commodities to the equities markets as the DOW sets new all-time highs. Money is also moving from Treasuries to equities and the yields are rising.

Corn May +3 691; Jly +1 672.5; Dec -2.5 542 Bean May +7.5 1473; Jly +5 1454; Nov -1 1278 Meal May +1 436; Oct -1.5 361   Oil +35 5061 Wheat May +12 695; Jly +10 699; Dec +9 720   KC +10 734; MGE +12 795

LC Apr -50 12830; Jun +50 12445; Oct +47 12937 FC Mar -45 14047; Apr +37 14262; Aug +40 15185 LH Apr +255 8180; Jun +257 9202; Oct +187 8267 Milk Mar +6 1705; Apr -17 1721

Oats unch 384 Rice +5 1539

 US$ -.5% Dow +33 14329 SP +3 1544 NAS +10 3232 Tran -30 6081    VIX -.47 13.06

WTI +102 9145 Brent -18 11088 Gas unch 313 NG +12 359 HO unch 297 Eth +3.4 243.4

Gold +3 1578 Slvr +7 2887

2-yr unch 0.25% 5-yr +.05 0.85% 10yr +.06 1.99% 30yr +.05 3.20%

Noninsured Crop Disaster Assistance Program (NAP) Coverage Deadlines     Lexington, KY, March 7, 2013— The Farm Service Agency's Noninsured Crop Disaster Assistance Program (NAP) provides financial assistance to producers of non-insurable crops when low yields, loss of inventory or prevented planting occur due to a natural disaster. The upcoming deadlines to file an application for natural disaster protection under the NAP are March 15 and May 1.

The crops for March 15 deadline are: Beans, Beets, Broccoli, Cabbage, Cantaloupe, Carrots, Cauliflower, Corn, Corn-Hybrid Seed, Cucumbers, Eggplant, Gourds, Greens, Herbs, Lettuce, Onions, Peas, Peppers, Popcorn, Potatoes, Pumpkins, Radish, Sorghum, Sorghum-Grain, Soybeans, Squash, Strawberries, Sunflowers, Sweet Potatoes, Tobacco-Burley, Tobacco-Dark Air, Tobacco-Fire Cured, Tomatoes, Turnips, and Watermelons. The crops for May 1 deadline are: Nursery. 

   Eligible producers must apply for coverage of non-insurable crops using Form CCC-471, and pay the applicable service fee at the FSA office where their farm records are maintained. The application and service fee must be filed by the application closing dates.   Contact your local FSA office for additional NAP closing dates. Producers should always check with their local FSA office for specific crops and other application closing dates.   The service fee is the lesser of $250 per crop or $750 per producer per administrative county, not to exceed a total of $1,875 for  producer with farming interests in multiple counties.   Limited resource producers may request a waiver of the service fee. To qualify for an administrative service fee waiver, the producer must meet established criteria. For more information contact your local FSA office. 

Blue Grass Stockyards   Cattle Weekly Summary Report for the week ending 03/05/13 Receipts:  1,869   Last Week:  2,261   Year Ago:  2,038    Compared to last week, steer and heifer calves sold 2.00 to 10.00 higher with very good demand as farmer participation in the market has begun for spring grass cattle placements.  Yearling steers sold steady to 2.00 higher with good demand.  Yearling heifers sold steady in a limited comparison.  Slaughter cows sold 2.00 to 3.00 higher with very good demand. Slaughter bulls sold 3.00 to 5.00 higher with good demand. Packer demand very good with 90% going to packers.     Total supply included 08% slaughter cows, 01% slaughter bulls, Less than 01% replacements and 91% feeders.  Feeder supply 57% steers, 10% bulls, 33% heifers with 75% of feeders weighing over 600 lbs. 


Tagged Post Topics Include: Economics, Market updates


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