Market Closes - November 7, 2012

Posted on Nov 7, 2012
  The outside markets reversed Tuesday’s course with the election settled.  Energy and equities fell sharply as Germany’s economic condition appeared weaker and traders realized the “fiscal cliff” is a real risk with divided government.

  Note the very wide trading range for December Corn – this 18-cent range occurred in the first 15 minutes of trading once the pit opened at 930 am CT. December futures gradually moved lower as the day wore on, but added 3 cents in the final 10 minutes. December Corn stopped its rally at the 100-day moving average resistance @ 7.52. Corn managed small gains on spillover support from the big rally in CBOT Wheat futures.  Wheat is supported by growing concerns about 2013 world wheat production.

  Soybean futures also followed this same pattern with a final bump of 6 cents. Soybean futures have been under pressure from fund selling as most expect USDA to raise its 2012 production estimate in Friday’s Crop Report. More favorable weather in South America could mean larger 2013 production. If the January contract falls below $14.84 support, there’s gap support down to $14.74.

  Cattle futures closed lower as the outside markets were bearish and the cash cattle and beef markets lack strength.

  Lean Hog futures soared today, apparently due to the December contract’s sharp discount to the CME Lean Hog Index value that tracks the cash market.

  Today’s financial market turmoil pushed money into the Treasury market where yields fell nearly 0.10 points. 

Corn Dec +3 744 (734-752);     Mar +3 746; Dec’13 +4 641

Bean Jan -8.5 1507 (1497-1522);     Mar -6 1485; Nov’13 +2 1346 Meal Dec -3 469.5; May -1.5 438 Oil -6 4862

Wheat Dec +17 894; Jly +10.5 890   KC +12 931;  MGE +121 960

LC Dec -72 12495; Feb -52 12885; Jun -57 12902

FC Nov -65 14420; Jan -122 14550; Apr -107 14947

LH Dec +252 8010; Feb +252 8595; Jun +150 9965

Milk Nov -51 2076; Dec -65 1982

Oats +5 365

Rice -10 1522

 US$ +.2%

Dow -313 12933

SP -34 1395

NAS -75 2937

Tran -100 5104

VIX +1.50 19.08

WTI -421 8450

Brent -444 10663

Gas -10 260

NG -5 357

HO -9 296

Eth steady 234

Gold +2 1717

Slvr -22 3181

5-yr -.081 0.673% 10yr -.107 1.644% 30yr -.093 2.829% 

Blue Grass Stockyards Cattle Report for 11/06/2012  Close Receipts: 1,327   Last Tuesday:  1,433   Year Ago:  1,550     Compared to Monday, steer and heifer calves sold about steady with moderate demand.  Yearling steers sold steady in a light test.  Yearling heifers not fully established.  Slaughter cows sold steady to 1.00 lower with moderate demand.  Slaughter bulls sold steady.     Total supply included 05% slaughter cows, 01% slaughter bulls, 01% replacements and 93% feeders.  Feeder supply 50% steers, 15% bulls, 35% heifers with 54% of feeders weighing over 600 lbs.

 

Tagged Post Topics Include: Economics, Market updates