Market Closes - October 26, 2012
Posted on Oct 26, 2012Soybean meal futures outperformed soybean and soybean oil futures today after traders learned that the large Index Funds plan in January to rebalance their portfolio with less soybean and soybean oil and add new positions in soybean meal.
Live Cattle futures closed lower as the early-week cash market optimism did not materialize in higher prices. Fed cattle trade at $127/cwt, or even money to last week. Boxed beef dropped today: Choice carcasses dn 2.55 at 196.82; Select dn 2.85 at 179.70. Choice beef peaked Wednesday at $199.38/cwt.
Click here to see comment and graph on record large carcass weight for steers by Nevil Speer, Western KY University, in Beef Magazine. The 10-yr trend is +5 lbs/year.
December Lean Hog futures closed higher today after closing lower 3 of the past 4 days. Chart support is now $77.62, this week’s low.
Corn Dec -4 738 (737-745); Mar -4 740; Dec’13 +.5 635
Bean Nov -3 1561 (1552-1567); Mar unch 1537; Nov’13 +5 1382 Meal Dec +2 483; May +4 440 Oil -49 5096
Wheat Dec -9 864; Jly -2 865 (861-870) KC -5 909; MGE -5 940
LC Oct -25 12550; Dec -40 12525; Jun -32 13010
FC Nov -72 14532; Jan -90 14707; Apr -70 15130
LH Dec +77 7890; Feb +17 8445; Jun +10 10067
Milk Oct -1 2103; Nov +9 2113; Dec -10 2033
Oats +2 390
Rice -12 1479
US$ -.1%
Dow +4 13107
SP -1 1412
NAS +2 2988
Tran +17 5052
VIX -.31 17.81
WTI +13 8618
Brent +115 10964
Gas +3 270
NG -4 339
HO +4 310
Eth steady 237
Gold -1 1712
Slvr +3 3210
2-yr -.012 0.301 5-yr -.053 0.763% 10yr -.065 1.747% 30yr -.057 2.905%
Kentucky Weekly Livestock Summary for October 19-25, 2012 Receipts This Week Last Week Last Year 27,000 24,729 29,417 Supply: Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent. In the feeder supply, Steers made up approximately 35 percent and Heifers approximately 40 percent. Steers and Heifers over 600 lbs totaled approximately 48 percent. Replacement cattle 2 percent.
Compared to last week: Feeder steers and steer calves sold steady to 2.00 lower. Feeder heifers and heifer Calves were steady to 3.00 higher. Demand moderate to good. Slaughter Cows sold steady to 2.00 lower and Slaughter Bulls were steady on a very light test.
September Poultry Production Down 7 Percent According to the Agriculture Department, poultry production in September was 3.433 billion pounds, that’s down 12 percent from the prior month and 7 percent lower than a year ago. ---------------------
ECONOMIC AND POLICY UPDATE - University of Kentucky College of Agriculture October 26, 2012 In this issue:
? Winter Backgrounding Opportunities – Kenny Burdine
? Risk, Forward Contracting, and Crop Insurance – Cory Walters and Richard Preston
? 2011 Family Living Expenses – Suzy Martin
? Farm Transitions and Opportunities for
? Beginning Farmers – Lee Meyer and Jennifer Hunter
http://www.ca.uky.edu/agecon/index.php?p=209
2012 Kentucky Agricultural Summit: Farming in the Next Generation
Join national farm experts and Kentucky farmers at the 2012 Ky Ag Summit in a probing discussion of issues that face the Next Generation of Farming:
- Who will be farming?
- What type of land and crops will they be farming?
- How will new farmers be trained?
- How will land be passed on to this new generation of farmers?
- What regulatory and business issues will have to be addressed?
Tagged Post Topics Include: Economics, Market updates
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