Market Closes - November 15, 2012

Posted on Nov 15, 2012
Losses in the CBOT grew larger in the afternoon lead lower by the nearby soybean contracts. The Funds were light sellers today across the board, but heaviest in the Soy complex. Strong soybean exports is “old news” so it doesn’t lift the market.  Improved planting/growing conditions in South America is bearish, especially since the spec funds are still very long soybean and corn futures. In the January 2013 Soybean contract, watch $13.91 for support.

  Corn futures are sitting above key chart support.  Bearish pressure comes from terrible export demand and declining livestock and broiler numbers.

 Cattle futures managed to post small gains in the absence of significant fundamental market news. Boxed Beef values dropped -- Choice dn 0.29 at 192.93; Select dn 1.17 at 173.13.

  Tomorrow’s Cattle on Feed Report is expected to show placements down 13 pct from October 2011, resulting in an On-feed total about 95 pct of a year ago.

Corn Dec -4.5 721 (720-728); Mar -4 725; Dec’13 -2 607

Bean Jan -17 1402 (1401-1428); Mar -15 1384; Nov -4.5 1271   Meal Dec -5.5 430.5; Oct -2 361   Oil -21 4746

Wheat Dec -3 845; Jly -4 854.5   KC -3 886; MGE -3 920

LC Dec +17 12560; Feb +25 12937; Jun +35 12947 FC Jan +27 14515; Apr +32 14942;

LH Dec -2 8007; Apr +15 9115; Jun -15 10000

Milk NOV -8 2082; Dec -63 1906; Jan -34 1860

Oats -3 364

Rice +21 1486 

US$ -.1%

Dow -29 12542

SP -2 1353

NAS -10 2837

Tran -12 4914

VIX +.07 17.99

WTI -101 8531

Brent +137 1098

Gas steady 268

NG -1.4%

HO -.9%

Eth -.3%

Gold -.8%

Slvr -.9%

2-yr -.004 0.246% 5-yr -.005 0.620% 10yr unch  1.589% 30yr +.001 2.727% 

   Low water conditions and underwater obstructions threaten navigation on the Mississippi River between the Ohio River and St. Louis, MO.  More information will come out of a press conference tomorrow with the Corps of Engineers, the Coast Guard and river interests.  There’s potential for more barges to transit the Ohio River at lower costs relative to the Upper Mississippi River. ---------------------- 

Rail Originations of Grain Lowest in Over 15 Years From USDA's Nov. 14 Grain Transportation Report.      For the 4 weeks ending November 3, rail originations were at the lowest level in more than 15 years, at 81,214 carloads compared to 103,752 carloads in 2010.   Rail originations were also 9 percent lower than the next lowest level, which were 89,051 carloads in 2011. ---------------------------------------  CME Group wins government approval to acquire the KCBT for $126 million.  KCBT trades Hard Red Winter Wheat in Kansas City, MO. ---------------------------------------

Blue Grass Stockyards Cattle Weekly Summary Report      for the week ending 11/14/12 Receipts: 4,954  Last Week:  3,082   Year Ago:  3,967 

**Total receipts include 1891 head sold in graded hol. sale Wed. night.    Compared to last week steer calves sold steady to 2.00 higher with good demand.  Heifer calves sold steady to 2.00 lower with moderate demand.  Yearling steers sold steady with good demand.  Yearling heifers steady in a light test.  Slaughter cows and slaughter bulls sold steady to 1.00 lower with moderate demand.    Total supply included 04% slaughter cows, 01% slaughter bulls, 01% replacements and 94% feeders.  Feeder supply 67% steers, 12% bulls, 21% heifers with 64% of feeders weighing over 600 lbs.

LONG-TERM OUTLOOK MAPS BY THE CLIMATE PREDICTION CENTER          http://www.cpc.ncep.noaa.gov/products/predictions/90day/ 

Tagged Post Topics Include: Economics, Market updates