Market Closes - October 3, 2012

Posted on Oct 3, 2012
  Soybeans managed to recover from sharp losses (a low of 15.04 in November).  The next support appears to be $14.93 on the top side of a price gap. Strength in soybean oil with some export business was supportive as was some profit-taking by the shorts since prices are near chart support.

  Crude oil and energy futures fell sharply today.  This could add some pressure to agricultural futures.

  Cattle futures posted small price changes with Live Cattle down and Feeders higher. Cash trade at the feedlot has not been established.

 Lean Hog futures closed higher in the nearby October contract on further strength in the cash hog markets.  Week to date slaughter is down 10,000 head from last week. Deferred Lean Hogs hit the day’s highs early morning but turned lower with a sharp collapse at midday. This reversal action on the charts is a warning sign for lower prices.  The Pork cutout dropped 79 cents to 83.11 after Tuesday’s huge gain.

 

Corn Dec -1.5 757; Mar -2 757.5; Dec’13 +3 634

Bean Nov +1 1532; Mar unch 1502; Nov’13 +12.5 1337.5   Meal Oct +2 465.5;  May unch 430   Oil +6 5033

Wheat Dec +1.5 873; Jly +3 851.5    KC -1 891;  MGE -2.5 927

LC Oct -20 12307; Dec -35 12602; Apr -17 13372

FC Oct -7 14530; Nov +30 14680; Jan +42 14957

LH Oct +87 8002; Dec -97 7587; Apr -125 8875

Milk Oct +6 2123; Nov +8 2142

Oats +3 363

Rice -13 1524

US$ +.2%

Dow +12 13495

SP +5 1451

NAS +15 3135

Tran +58 4966

 VIX -.28 15.43

WTI -375 8814

Brent -340 10817

Gas -7 280

NG -13 340

HO -6 307

Eth +3.4 240.4

Gold +5 1777

Slvr +2 3469

5-yr 0.615% 10yr 1.620% 30yr 2.815% Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 10/03/2012 Cattle Receipts:  949   Last Week:  1,047   Weekly Receipts:  1,169           Compared to last week steer calves sold steady to 2.00 lower with moderate demand.  Heifer calves sold mostly steady with good demand except 300-400 lbs 10.00 lower with light demand.  Calf market was noticeably stronger after lunch than in the morning.  Yearling steers and heifers light test and not fully established.  Slaughter cows sold steady to 1.00 lower with light demand.  Slaughter bulls sold steady to 2.00 higher with good demand.

Tagged Post Topics Include: Economics, Market updates