Market Closes - October 22, 2013

Posted on Oct 22, 2013
CBOT futures closed mixed with no major price-moving news. Traders are trying to estimate what the next corn and soybean yield estimates will be from USDA. It feels like yield estimates are inching higher. Harvest progress is behind normal for corn and soybeans, so harvest selling pressure should build. As the bins fill up, producers may be more willing sellers.

Soybean futures were able to close way off the day’s lows on export news. In contrast, corn futures closed near the day’s lows.  Corn losses weighed on the Chicago wheat pit. Winter Wheat emergence is 53 pct or about normal. This wheat is rated 65 pct good to excellent (no comparison from last year).

The US dollar weakened on a disappointing jobs report that reinforces the idea the Federal Reserve won’t be “tapering” for many months. This continued quantitative easing seems to keep pumping up the equity markets which hit new record highs today.

Spurred by very strong boxed beef values, Live Cattle futures closed higher and near the day’s highs. Cash cattle should trade higher this week if this rally holds. Feeder Cattle futures firmed up throughout the day to close near the day’s highs.

Lean Hog futures also closed sharply higher, although the pork cutout closed down a few cents.  The December LH contract has moved sideways between $86-89 for the last 7 weeks.

Corn Dec -6 438; Jly -5 467; Dec14 -4 482 Bean Nov -1 1302; Jly -4 1257; Nov14 -3 1174 Meal Dec unch 416; Jly -1 386 Oil -12 4152 Wheat Dec +1 701; Jly +3 703 KC +4 765;  MGE +4 756 Oats +5 341 Rice +2 1528

LC Oct +97 13110; Feb +85 13472; Apr +72 13550 FC Oct +22 16605; Nov +145 16785; Jan +160 16802 LH Dec +110 8857; Feb +87 9052; Jun +75 9620 Milk Oct unch 1824; Nov +19 1845

US$ -.6% 79.24 Dow +75 15468 SP +10 1755 NAS +10 3930 Tran +56 6914 VIX +.17 13.33

WTI -153 9815 Brent +39 11003 Gas -3 262 NG -7 359 HO -1 300 Eth -1 182

Gold +24 1340 Slvr +42 2270

2-yr -.01 0.31% 5-yr -.07 1.29% 10yr -.09 2.52% 30yr -.06 3.61%

Lexington, KY - Blue Grass Stockyards    Cattle Report for 10/22/2013

Receipts:  1,337   Last Tuesday:  1,535   Year Ago:  1,447 **Replacement cow sale Wed. night at 6:30. Compared to Monday steer calves sold mostly steady with moderate demand except 500-600 lbs sold 4.00 higher with good demand.  Heifer calves sold steady to 2.00 higher with moderate to good demand.  Average to good quality offering.  Yearling steers sold 1.00 to 2.00 higher compared to last week with very good demand.  Yearling heifers sold steady compared to last week with good demand.  Slaughter cows and slaughter bulls sold steady with moderate demand for cows light demand for bulls. Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 91% feeders.  Feeder supply 68% steers, 12% bulls, 20% heifers with 72% of feeders weighing over 600 lbs.

USDA Issues Conservation Reserve Program Rental Payments, Direct Payments and ACRE Payments

WASHINGTON, Oct. 21, 2013 — Agriculture Secretary Tom Vilsack announced that USDA has begun distributing Conservation Reserve Program (CRP) annual rental payments to participants across the country. USDA also will distribute 2013 direct payments and 2012 Average Crop Revenue Election (ACRE) program payments beginning Oct. 24. Payments originally were scheduled to be issued earlier in the month, but were delayed by several weeks due to the lapse in Federal funding.

Kentucky

CROP PROGRESS for week ending 10/21/12

Crop Stage

This

Week

Last

Week[1]

Last

Year

5-Yr

Avg

                             Percent

  Corn Mature

97

N/A

100

99

  Corn Harvested

65

N/A

94

84

  Soybeans Dropping Leaves

80

N/A

93

97

  Soybeans Mature

61

N/A

81

84

  Soybeans Harvested

25

N/A

52

52

  Winter Wheat Seeded

22

N/A

37

35

  Burley Tobacco Cut

97

N/A

100

100

  Burley Tobacco Stripped

13

N/A

15

13

  Dark Tobacco Cut

91

N/A

99

100

 

Kentucky CROP CONDITIONS for week ending 10/21/12

Crop

Very Poor

Poor

Fair

Good

Ex

 

Percent

Corn

1

2

5

38

54

Soybeans

1

3

9

50

37

Wheat

-

2

23

61

14

Pasture

2

6

25

49

18

Tobacco Housed

1

4

20

58

17

 

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