Market Update - December 12, 2013

Posted on Dec 12, 2013
CBOT futures are down sharply with the decline beginning when electronic trading restarted at 830 am CT.  Futures have bounced off the daily lows in the past half-hour. The reason for the sell-off is not clear but maybe related to the drop in equity and precious metal prices, as well as having corn/bean futures near recent highs on some contracts.  Wheat futures have moved to new lows again. A sharp drop in ethanol futures is also negative.

Cattle futures are stronger today with large gains in Feeder Cattle given falling feed prices.  Traders are apparently a bit more friendly for the cash trade this week. January Feeder Cattle broke through chart resistance and could be headed to the $169 area.

Corn Mar -3 428 (424-32); Jly -8 447; Dec -8 459 Bean Jan -20 1324 (1318-1347); Jly -15 1281; Nov -10 1157 Meal jan -8 431; Jly -6 402 Oil -42 3998 Wheat mar -7 633; Jly -4 642 (639-48) KC -7 678; MGE -4 664 Oats +6 351 Rice +2 1549

LC Dec +40 13230; Apr +50 13432 FC Jan +150 16717; Apr +147 16780; Aug +112 16912 LH Dec +30 8122; Feb +55 8832; Jun +47 10007 Milk Dec -8 1895; Jan -3 1840

US$ +.3%

Dow -.8% SP -.5% NAS -.2% Tran -.2% VIX +4% 16.06

WTI +.2% Brent -.9% Gas -.7% NG -.3% HO -1.2% Eth -5.7%

Gold -2.5% Slvr -4.4%

5-yr +.04 1.54% 10yr +.03 2.89% 30yr steady 3.89%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 12/11/13

Receipts:  2,980   Last Week:  4,006   Year Ago:  1,950

**Total receipts include 1,396 head sold in CPH sale Wed. night

Compared to last week steer calves sold steady to 5.00 higher with very good demand on an average to good quality offering.  Heifer calves sold steady to 2.00 higher with good demand on an average to good quality offering.  Yearling steers and heifers sold steady with good demand.  Slaughter cows sold steady to 2.00 higher with good demand.  Slaughter bulls sold steady to 1.00 higher with moderate to good demand.

Total supply included 02% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 97% feeders.  Feeder supply 56% steers, 08% bulls, 36% heifers with 32% of feeders weighing over 600 lbs.  

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Tagged Post Topics Include: Economics, Market updates