Market Closes - November 5, 2013

Posted on Nov 5, 2013
Today’s trade was similar to Monday’s in that corn traded a narrow range and wheat and soybeans traded 9-10 cents.  Price changes were similar to Monday’s except for soybeans which gave up Monday’s gains.  The nearby contracts all moved to new lows for this move.  Wheat has seen the biggest price losses, maybe pressured by planting progress at 91 pct and the emerged acres rated 63 pct good to excellent.  There are two more trading days before USDA updates the crop production estimates.

In case you missed it, USDA-RMA has set the Harvest Price levels for Revenue Protection Insurance.   For corn, it is $4.39/bushel which compares to the $5.65 Projected Price set in March.  For soybeans, it is $12.87/bushel, exactly equal to the Projected Price.  Grain Sorghum is $4.30/bu, down from $5.53 Projected Price.   Compared to 2012, harvest price levels were $7.50 for corn, $15.39 for soybeans, and $7.31 for grain sorghum.

Live Cattle futures closed narrowly mixed on a lack of cash trade and little change in boxed beef values. Choice down 0.11 at 205.45; Select up 0.55 at 189.98/cwt. Feeder Cattle futures closed strongly higher which corrected a small portion of the $5-6/cwt losses seen the past two weeks.

Lean Hog futures showed little change today.  The Pork Cutout reversed the surprising gains made Monday. Corn Dec -1 425; Jly -1 450; Dec14 -1 466 Bean Jan -6 1250; Jly -3 1224; Nov -4 1145 Meal Dec -4 393; Jly -2 372 Oil -10 4115 Wheat Dec -7 656; Jly -8 671 KC -7 722; MGE -5 714 Oats +8 340 Rice +12 1535

LC Dec -5 13205; Feb +15 13382; Apr +25 FC Nov +117 16477; Jan +122 16507; Apr +77 16632 LH Dec -7 8825; Feb +25 9182; Jun +17 9947 Milk Nov +3 1888; Dec +3 1811

US$ +.2% Dow -21 15618 SP -5 1763 NAS +3 3940 Tran -38 7091 VIX +.34 13.27

WTI -101 9361 Brent -64 10559 Gas +1 254 NG +4 349 HO unch 287 Eth -2 170

Gold -3 1311 Slvr unch 2170

2-yr steady 0.31% 5-yr +.03 1.38% 10yr +.06 2.67% 30yr +.07 3.77% Blue Grass Stockyards Cattle Report for 11/05/2013

Receipts:  1,503   Last Tuesday:  1,721   Year Ago:  1,327

Compared to Monday steer and heifer calves sold steady with good demand feathwerweight steers 5.00 higher to close steady with last week.  Yearling steers and heifers sold steady with good demand. Good through attractive quality offering.  Slaughter cows sold 1.00 lower with moderate demand.  Slaughter bulls sold steady with light to moderate demand.

Total supply included 07% slaughter cows, 01% slaughter bulls, Less than 01% replacements and 91% feeders.  Feeder supply 43% steers, 14% bulls, 44% heifers with 69% of feeders weighing over 600 lbs. --------------------------

Blue Grass Stockyards Cattle Auction Report for 11/04/2013

Receipts:  2,208   Last Monday:  2,504   Year Ago:  1,419

Compared to last week steer and heifer calves sold mostly steady with good except featherweights under 400 lbs sold 5.00 lower on a good through attractive quality offering.  Yearling steers sold steady to weak with good demand.  Yearling heifers sold steady with good demand in a limited comparison.  Slaughter bulls sold steady with light to moderate demand.  Slaughter cows sold steady with good demand. Some farmer participation today for 400-500 lbs steers.

Total supply included 07% slaughter cows, 01% slaughter bulls, 01% replacements and 91% feeders.  Feeder supply 36% steers, 21% bulls, 43% heifers with 42% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates