Market closes, mostly high - August 20, 2012

Posted on Aug 20, 2012
Corn and soybean futures closed about 2 percent higher.  Corn was supported by disappointing yield reports from the western Corn Belt. ProFarmer is conducting its crop tour this week and will report its observations daily.  Soybean futures rallied back near the top of the July/August trading range as soybean demand remains strong despite high prices – some think price must increase to bring demand down more. Spec funds were huge buyers in the soy complex today.  Traders are watching a typhoon that could damage part of China’s soy crop.

Note that deferred 2013 soybean futures are lagging the gains in 2012 contracts because of anticipating a large South American soybean harvest to alleviate the tight world stocks situation.

Cattle futures closed a bit higher as boxed beef values continue to firm up. Cash cattle traded up $1/cwt last week to $121, so August LC futures are fairly valued.

 

Corn Sep +17 815; Dec +16.5 824;

May +16 816.5; DEC’13= 648

Bean Sep +33 1704; Nov +38 1683.5;

May +13.5 1484; NOV’13= 1297

Wheat Sep +5 879.5; Dec +8 903; Jly +11 854

KC +5.5 891;  MGE +3.5 931

LC Aug +27 12135; Oct +20 12547; Feb +42 13210

FC Aug +12 14055; Oct +55 14405; Jan +62 14772

LH Oct -30 7590; Dec unch 7360; Feb -10 8110

Milk Aug -1 1765; Sep -52 1905

Oats +5 388

Rice +17 1560

US$ -.1%

Dow -4 13272

SP unch 1418

NAS unch 3076

Tran -4 5190

VIX +.57 14.02

WTI -9 9623

Brent -18 11353

Gas unch 303

NG +3 275

HO unch 309

Eth +3.6 262.6

Gold +4 1621

Slvr +59 2859

5-yr -.006 0.792%

10yr -.003 1.810%

30yr -.006 2.924%

 

Blue Grass Stockyards

Cattle Auction Report for 08/20/2012

Receipts:  788   Last Monday:  639   Year Ago:  876

Compared to last week steer calves under 600 lbs sold steady, over 600 lbs sold 2.00 higher with good demand. Heifer calves sold about steady with good demand.  Yearling steers sold firm in a limited comparison. Yearling heifers not fully established.

Slaughter cows sold steady to 2.00 higher with good demand.  Slaughter bulls sold 4.00 higher with very good demand.

Total supply included 13% slaughter cows, 03% slaughter bulls, less than 1% replacements and 84% feeders.  Feeder supply 39% steers, 18% bulls, 43% heifers with 54% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Futures, Market updates