Market Closes - October 9, 2012

Posted on Oct 9, 2012
   Corn and soybean futures closed near unchanged. However, corn recovered from early losses and soybean futures gave up early gains of 20+ cents.  While crude oil rallied sharply on tensions between Syria and Turkey, the bearish strong dollar and liquidation by spec funds weighed on CBOT futures. Funds want less risk going into this week’s Crop Production report.  Wheat futures gained relative to corn on dry conditions in some key wheat production areas like western Australia.

  The USDA Crop Report comes out Thursday at 830 am ET.  The average guesses are: Corn, 122.7 bu/acre = 15.60 billion bushels, 12/13 ending stocks = 645 million; Soybeans, 37.0 bu/acre = 2.77 billion bushels, 12/13 ending stocks = 134 million.

  Live Cattle futures closed higher as traders expect the cash market to strengthen this week. Boxed Beef values increased: Choice UP 0.63 at 191.20; Select UP 0.87 at 177.29.

  Pork cutout jumped $1.40 to 85.69/cwt. Corn Dec unch 742 (740-748.5); Mar unch 742; Dec’13 +3 628

Bean Nov -1 1550 (1547-1574); Mar +2 1504; Nov’13 +10.5 1338   Meal steady 478   Oil +34 5082

Wheat Dec +3 864; Jly +2 843   KC +6 889; MGE +3.5 928

LC Oct +135 12470; Dec +32 12672; Apr +47 13352

FC Oct -12 14470; Nov +40 14670; Jan +17 14932

LH Oct +42 8190; Dec -7 7680; Apr +87 8812

Milk Oct -6 2099; Nov -20 2089

Oats +7.5 378

Rice -13.5 1523

US$ +.5%

Dow -110 13474

SP -14 1441

NAS -47 3065

Tran -57 5000

 VIX +1.26 16.37

WTI +291 9224

Brent +272 11454

Gas +8 297

NG +7 347

HO +6 320

Eth +2 239

Gold -9 1764

Slvr -8 3393

2-yr unch 0.262% 5-yr -.014 0.662% 10yr -.030 1.713% 30yr -.044 2.926%

Blue Grass Stockyards Cattle Report for 10/09/2012  Close Receipts:  1,402   Last Tuesday:  1,278   Year Ago:  1,809

   Compared to Monday, steer and heifer calves sold about steady with moderate demand.  Yearling steers sold steady to 1.00 higher with good demand. Yearling heifers not fully established.  Slaughter cows and slaughter bulls sold steady with good demand.    Total supply included 05% slaughter cows, 01% slaughter bulls, less than 01% replacements and 94% feeders.  Feeder supply 51% steers, 15% bulls, 34% heifers with 54% of feeders weighing over 600 lbs.

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 Blue Grass Stockyards Cattle Auction Report for 10/08/2012 Receipts:  1,644   Last Monday:  1,220   Year Ago:  1,624

   Compared to last week, steer calves sold about steady, 600-700 lbs sold weak with moderate demand; featherweight calves under 400 lbs 10.00 lower with very light demand.  Heifer calves sold steady to 2.00 lower on 400-500 lbs with moderate demand.  Yearling steers sold steady with good demand.  Yearling heifers light test and not fully established.Slaughter cows sold steady to 1.00 higher with moderate demand.  Slaughter bulls sold steady with good demand.

   Total supply included 10% slaughter cows, 01% slaughter bulls, 01% replacements and 88% feeders.  Feeder supply 44% steers, 25% bulls, 31% heifers with 41% of feeders weighing over 600 lbs. 

 

Tagged Post Topics Include: Economics, Market updates