Market Closes - October 5, 2012

Posted on Oct 5, 2012
  CBOT futures closed lower and near the lows traded during the PIT session.  Corn and wheat futures were hit more than soybeans.  Corn was weighed down by an unexpectedly bearish corn production estimate by a private firm, Informa, which reportedly put the U.S. corn yield at 127 bu/acre which compares to USDA’s last estimate of 122.8 bu/acre.  Thus, production is forecast at 11.194 billion bushels compared to the USDA’s 10.727 billion.  Next Thursday, October 11, we’ll get USDA’s October Crop Production estimates.  Informa’s soybean estimate is 37.8 bu/acre compared to 35.3 bu/acre.

  Live Cattle futures managed small gains, ending up in the middle of this week’s trading range.  Cash cattle traded around a dollar/cwt higher.  Feeder cattle futures rallied on the weaker corn prices.  Boxed beef values lost 1.36-1.45 today.

  Lean Hog futures closed mixed with the nearby October down on profit-taking after gaining more than $4.00 this week.

  Outside markets were generally bearish today with energy and precious metal futures moving lower.  Equities gained on a friendly U.S. unemployment report, and Treasury rates rose in “risk on” trade.

Corn Dec -9 748; Mar -9 748.5; Dec’13 -3.5 624

Bean Nov unch 1551.5; Mar -5.5 1513; Nov’13 -13 1321.5  Meal Oct +4 475; May -3 426  Oil -24 5076

Wheat Dec -12 857.5; Jly -3.5 840   KC -8 879; MGE -7 919

LC Oct +72 12305; Dec +50 12620; Apr -17 13317

FC Oct +35 14482; Nov +37 14620; Jan +50 14900

LH Oct -47 8132; Dec +50 7655; Apr -27 8780

Milk Oct -16 2090; Nov -27 2099

Oats -3 367

Rice -26 1511

US$ unch

Dow +35 13610

SP steady 1461

NAS -13 3136

Tran +34 5046

 VIX -.22 14.33

WTI -173 8998

Brent -54 11204

Gas +1 295

NG -1 340

HO -3 316

Eth +2 239

Gold -12 1782

Slvr -53 3457

2-yr +.016 0.262% 5-yr +.073 0.676% 10yr +.070 1.743% 30yr +.082 2.970% 

Kentucky Weekly Livestock Summary for September 28-October 4, 2012 Receipts                This Week   Last Week  Last Year   22,745      23,427     23,029

Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 36 percent and Heifers approximately 34 percent.  Steers and Heifers over 600 lbs totaled approximately 48 percent.  Replacement cattle 2 percent. 

Compared to last week:  Feeder Steers and Heifers ended the week uneven, but generally 1.00 to 3.00 lower;  Steer Calves sold 3.00 to 5.00 lower; and Heifer Calves 1.00 lower.  Demand moderate to good.

Slaughter cows mostly steady; and Slaughter Bulls 2.00 lower on a light test.

Tagged Post Topics Include: Economics, Market updates