Market Closes - November 12, 2013

Posted on Nov 12, 2013
Nationally, harvest progress is 84 pct complete for corn and 91 pct for soybeans.

Wheat futures closed slightly lower but at or near the day’s lows.  The downtrends on the charts are solidly in place.

Corn futures closed lower within a couple cents of the daily lows.  The recent strong rally based on short-covering was reversed by disappointing export inspections and increased farmer selling.

Soybean futures charged upward thanks to strong export sales and inspections for last week.  Soybean meal led the complex higher but soybean oil futures were also supportive.

It was an uneventful day in the cattle futures markets. Boxed beef values weakened.

However, Lean Hog futures took a hit due to lower cash hog prices even as the Pork Cutout firmed today.  The December LH contract respected last week’s low but is very close to dropping below it which opens up risk to $86.00 or $85.50.

Corn Dec -2 432; Jly -2 460; Dec14 -3 472 Bean Jan +13 1314; Jly +14 1271; Nov +9 1176 Meal Dec +6 428; Jly +5 394 Oil +33 4075 Wheat Dec -1 645; Jly -3 661 KC -3 703 ; MGE -3 701 Oats -4 336 Rice -10 1553

LC Dec -7 13267; Apr -27 13500; Jun -7 12905 FC Nov +45 16465; Jan +2 16420; Apr -17 16537 LH Dec -85 8720; Feb -87 9135; Jun -45 9945 Milk Nov -3 1879; Dec -11 1798

US$ +.1% Dow -32 15751 SP -4 1768 NAS unch 3920 Tran +49 7098 VIX +.29 12.82

WTI -200 9314 Brent -24 10616 Gas -1 259 NG +7 364 HO -3.5 285.5 Eth +3 174

Gold -13 1268 Slvr -56 2072

2-yr +.04 0.33% 5-yr +.15 1.46% 10yr +.03 2.78% 30yr +.14 3.86%

Blue Grass Stockyards Cattle Report for 11/12/2013 Receipts:  1,386   Last Tuesday:  1,503   Year Ago:  1,344

Compared to Monday steer calves sold steady with good demand,  feathwerweights weak with very light demand.  Heifer calves sold steady with good demand.  Yearling steers limited comparison with yesterday’s light test.  Yearling heifers sold steady with good demand.  Average through attractive quality offering.  Slaughter cows sold weak with moderate demand.  Slaughter bulls sold 1.00 lower with light to moderate demand.

Total supply included 06% slaughter cows, 01% slaughter bulls, Less than 01% replacements and 92% feeders.  Feeder supply 41% steers, 13% bulls, 46% heifers with 66% of feeders weighing over 600 lbs. KENTUCKY CASH GRAIN BIDS Click Here

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