Market Closes - October 2, 2012

Posted on Oct 2, 2012
  Soybean futures sold off in the afternoon, taking prices back to near the day’s lows.  Traders reportedly were selling soybean futures and buying corn futures ahead of this afternoon’s private crop production estimate from FC Stone.

  FC Stone released its private crop estimates: Corn yield = 123.9 bu compared to 122.8 for USDA.  This increases production by 97 million bushels to 10.824 billion.  Soybean yield = 38.2 bu/acre compared to 35.3 bu for USDA.  This raises production by 215 million bushels to 2.849 billion bushels. This is bearish.

  Part of what has been weighing on soybean futures is weakness in soybean oil futures tied to the huge collapse in the price of palm oil. Weakness in crude oil prices hasn’t helped either.

  Live Cattle futures managed small gains on strength in boxed beef values and forecasts for a dollar gain in cash fed cattle prices. Choice UP 1.30 at 190.49; Select UP 0.14 at 176.76. 

  Lean Hog futures closed sharply higher as cash hog prices in the Western Corn Belt and pork product values climbed higher. The CME Lean Hog Cash Index rose 1.04 to $76.12/cwt.  The Pork Cutout value soared $3.00/cwt to 83.90; good gains were seen in all primal cuts except picnics.  

  The outside markets have been less influential to ag commodities recently as the outside markets move sideways. However, Spain remains on traders’ radars as its leaders consider taking a bailout from the ECB.  The U.S. Presidential election and the feared “fiscal cliff” add uncertainty to the U.S. financial markets.

Corn Dec +1.5 758; Mar unch 760; Dec’13 unch 631

Bean Nov -30 1530.5 (lo 1526.5); Mar -28 1533; Nov’13 -4 1325  Meal Oct -11 463; May -10 430  Oil -45 5027 (4965-5062)

Wheat Dec -13 871; Jly -5 849   KC -15 892; MGE -13 924

LC Oct +25 12327; Dec +25 12637; Apr +32 13390

FC Oct +70 14537; Nov +87 14650; Jan +102 14915

LH Oct +157 7915; Dec +172 7685; Apr +85 9000

Milk Oct -3 2110; Nov -5 2095

Oats -6 360

Rice +13 1537

US$ -.1%

Dow -33 13482

SP +1 1446

NAS +6 3120

Tran +9 4908

 VIX -.61 15.71

WTI -85 9163

Brent -89 11130

Gas -6 286

NG +4 352

HO -1 312.6

Eth +3 237

Gold -7 1773

Slvr -30 3465

2-yr unch .238%

5-yr unch 0.615%

10yr +.002 1.620%

30yr +.002 2.815%

Blue Grass Stockyards   Cattle Report for 10/02/2012  Close Receipts:  1,278   Last Tuesday:  1,259   Year Ago:  1,907

   Compared to Monday, steer calves sold steady with good demand.  Heifer calves sold steady with good demand except featherweight heifer calves under 400 lbs 5.00 lower with light demand.  Yearling steers and heifers limited comparison with yesterday’s light test; however compared to last week yearling steers sold 3.00 higher with very good demand.  Slaughter cows and slaughter bulls sold steady with moderate demand.

   Total supply included 05% slaughter cows, 01% slaughter bulls, less than 01% replacements and 93% feeders.  Feeder supply 71% steers, 06% bulls, 23% heifers with 67% of feeders weighing over 600 lbs.

 

Tagged Post Topics Include: Economics, Market updates