Market Closes - May 13, 2013 - Kentucky Farm Bureau

Market Closes - May 13, 2013

Posted on May 13, 2013
 CBOT futures closed higher, boosted by the expiring May CBOT Corn and Soybean contracts (go off the board Tuesday at Noon CDT). Supply tightness and the very slow planting pace contributed to the buying. Spec Funds reportedly were huge buyers today. Today’s 28% corn planting rate is the slowest since 1984.

Tonight’s 6-10 day and 8-14 day forecasts indicate the Corn Belt should remain cooler than normal. This won’t help corn that is slow to be planted and even slower to emerge. http://www.cpc.ncep.noaa.gov/products/predictions/610day/index.php

 Wheat futures closed higher, lifted by the corn and soybean rally. However, wheat futures at all three exchanges closed well off the day’s highs since prices weakened as the trading day progressed. Note that Winter Wheat’s condition ratings stabilized from last week’s ratings.

Live Cattle futures opened strongly today, but fell off late morning after traders realized that boxed beef values were not going to surge higher today. Live Cattle futures need help from wholesale beef. Choice up 0.15 at 205.13; Select up 0.63 at 191.83. Feeder Cattle futures suffered minimal losses considering the rally in CBOT futures.

Lean Hog futures closed mid-range with modest gains, supported by higher cash hog prices and Pork Cutout which gained 0.83 to $90.70/cwt.

 Corn May +30 718; Jly +19 655.5; Dec +10 539 Bean May +33 1521; Jly +20 1419; Nov +4 1210     Meal May +13.6 458; Jly +8 415; Oct +1 340.5     Oil +38 4961 Wheat May +5 701.5; Jly +5.5 710; Dec +5 735     KC +8 766.5;  MGE +4 812.5 Oats +3.5 382 Rice +18 1543

LC Jun +12 12057; Oct +20 12412; Dec -2 12565 FC May -52 13485; Aug -42 14620; Oct -40 15035 LH May -7 9192; Jun +42 9092; Oct +35 8095 Milk May -4 1851; Jun -34 1774 (down more than $2.00 since April 18)

U.S. CROP PROGRESS Corn – Planted = 28 pct compared to 85 pct last year and 65 pct for 2008-12.        Emerged = 5 pct compared to 52 pct year ago and 28 pct for 2008-12.  

Soybean – Planted = 6 pct compared to 43 pct year ago and 24 pct for 2008-12. 

Spring Wheat - Planted = 43 pct compared to 92 pct year ago and 63 pct for 2008-12.

CROP CONDITIONS Winter Wheat: steady from last week with 32 pct good/excellent and 39 pct poor/very poor.  

US$ +.2% Dow -27 15092 SP steady 1634 NAS +2 3439 Tran -31 6344   VIX -.04 12.55

WTI -87 9517 Brent -136 10255 Gas -2 284 NG +1.5 392.5 HO -1.5 289 Eth +6.5 267

Gold -2 1434 Slvr -1 2364

2-yr unch 0.24% 5-yr +.01 0.82% 10yr +.02 1.92% 30yr +.03 3.13%

Blue Grass Stockyards Cattle Auction Report for 05/13/2013 Receipts:     972   Last Monday:  571   Year Ago:     348     Compared to last week, steer calves under 500 lbs sold steady to firm, over 500 lbs sold steady to weak on a mostly average quality offering with moderate demand.  Heifer calves sold about steady with moderate to good demand, except 600-700 lbs sold 2.00 higher with good demand on an average to good quality offering.  Some farmer participation in the market for featherweight steers and 600-700 lbs heifers.  Yearling steers and yearling heifers untested.  Slaughter cows sold 1.00 to 2.00 higher with good demand.  Slaughter bulls sold steady with good demand.     Total supply included 10% slaughter cows, 03% slaughter bulls, 01% replacements and 86% feeders.  Feeder supply 31% steers, 24% bulls, 44% heifers with 45% of feeders weighing over 600 lbs.

Kentucky's 2013 CRP Sign-Up Begins May 20      May 13, 2013 — Farm Service Agency (FSA) State Executive Director John W. McCauley reminds landowners, farmers, and ranchers that the opportunity to enroll in the Conservation Reserve Program (CRP) general sign-up 45 begins Monday, May 20 and ends June 14. Producers who want to offer eligible land for CRP's competitive general sign-up may enroll at the Farm Service Agency (FSA) county office where their farm records are maintained.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates


Comments

Post a Comment

Required Field