Market Closes - November 27, 2013

Posted on Nov 27, 2013
CBOT futures closed mixed ahead of Thanksgiving.  Wheat and Soybean futures appeared to react to profit-taking (Wheat shorts, soybean longs). Today’s bearish reversal from early gains could encourage selling Friday; however, continued strong export sales would support prices. November 2014 Soybean closed near the day’s lows and is only 6 cents above critical chart support. Very strong demand for export soybean meal has been supportive, but favorable South American crop conditions weigh on futures.  Wheat futures charts are positive and global wheat demand is strong.  Corn futures are in an important area now – December is just above contract lows but threatening to break the months-long downtrend.

Cattle futures closed sharply higher for the second day in a row as cash beef and cattle prices improve. Choice beef up 1.13 at 202.55; Select up 1.12 at 190.20/cwt. Fed cattle sold at least a dollar/cwt higher with $132 in Kansas.

Lean Hog futures closed slightly higher after being much stronger through the morning.  Even though the midday Wholesale Pork values were up, Lean Hog futures collapsed at 12:30 pm.  And the Pork Cutout ended the day down instead of higher.

CBOT opens at 830 am CST Friday and CME Livestock open at 9:05 am.  Both close at Noon Friday.  Cash corn and wheat bids will move to the March 2014 futures contract. Corn Dec -1 417; Mar +2 426; Jly +2 442; Dec14 +2 456 Bean Jan -9 1320 (1318-1341); Jly -2 1282; Nov -10 1146 Meal Dec -4 446; Jan -2 430; Jly +1 402 Oil -35 4025 Wheat Dec +5 651; Mar +7 663; Jly +7 664 KC +9 713; MGE -5 690 Oats Dec -26 358; Mar -6 329 Rice +9 1583

LC Dec +115 13310; Apr +102 13470; Jun +75 12862 FC Jan +95 16532; Apr +80 16600; Aug +87 16737 LH Dec +17 8580; Feb +7 9047; Jun +32 100017 Milk Dec +6 1849; Jan +18 1776

US$ +.1%

Dow +25 16097 SP +4 1807 ** DOW and SP500 closed at record highs. NAS +27 4045 Tran +42 7255 VIX +.17 12.98

WTI -130 9238 Brent +64 11152 Gas +2 271 NG +3 382 HO +1 306 Eth +9 201

Gold -4 1237 Slvr -24 1960

2-yr unch 0.29% 5-yr +.02 1.36% 10yr +.03 2.74% 30yr +.01 3.81% Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 11/26/13

Receipts:  1,597   Last Week:  3,299   Year Ago:  3,169

Compared to last week steer and heifer calves opened 2.00 to 5.00 lower with light demand on a plain to average quality offering however 500-600 lbs steers were 5.00 higher Tuesday in a light test.  Yearling steers and heifers sold steady in a light test with very good demand.  Slaughter bulls sold steady with light to moderate demand.  Slaughter cows sold steady with good demand.  Wintry weather this week reduced demand for fleshy calves and created a much softer undertone for plain calf offerings.

Total supply included 08% slaughter cows, 02% slaughter bulls, less than 01% replacements and 89% feeders.  Feeder supply 29% steers, 20% bulls, 51% heifers with 60% of feeders weighing over 600 lbs. 

KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates