Market Update - December 13, 2013

Posted on Dec 13, 2013
CBOT futures are trading down with losses accelerating overnight on follow-through selling from Thursday’s sharp losses. Soybean futures have managed to bounce back some as soybean meal cut its losses. Most of the news is the same as yesterday as traders worry that China could trim its demand for US commodities.  December contracts will expire at Noon Central. Corn and ethanol futures continue to see pressure from a move in Congress against ethanol and the RFS.

Cattle futures are down slightly today, correcting Thursday’s up move. Beef values dropped late Thursday with Choice down over $2/cwt.

Lean Hog futures are taking a hit from Thursday’s sharp drop in the pork cutout value.

Corn Mar -5 429 (428-35); Jly -5 444; Dec -5 456 Bean Jan -5 1318 (1312-25); Jly -5 1278; Nov -2 1156 Meal Jan -1 429; Jly unch 403 Oil -46 3991 Wheat Mar -6 628; Jly -6 636 (636-43) KC -7 671; MGE -3 661 Oats -1 350 Rice +8 1554

LC Dec -45 13180; Feb -30 13280; Jun -32 12872 FC Jan -20 16687; Apr -22 16715; Aug unch 16877 LH Feb -72 8727; Apr -70 9125; Jun -62 9917 Milk Dec +3 1895; Jan +7 1841

US$ +.1%

Dow +.1% SP steady NAS steady Tran +.4% VIX -.5% 15.46

WTI -1.1% Brent -.4% Gas -.6% NG -.4% HO -.6% Eth -3%

Gold +1% Slvr +1.2%

5-yr unch 1.53% 10yr -.01 2.87% 30yr unch 3.89% Kentucky Weekly Livestock Summary for December 6-12, 2013 Receipts                This Week             Last Week         Last Year 22,692                32,200            20,614

Compared to last week, Compared to last week steer calves sold steady to 5.00 higher with Good to very good demand on an average to good quality offering. Heifer calves sold steady to 2.00 higher with instances to 10.00 higher, demand was good to very good with most increases occurring later in the week.  Yearling steers and heifers sold steady to 4.00 higher with good to very 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.

Supply:  Slaughter Cows 6 percent; Slaughter Bulls 1 percent; Feeder cattle 92 percent.  In the feeder supply, Steers made up approximately 45 percent and Heifers approximately 39 percent.  Steers and Heifers over 600 lbs totaled approximately 57 percent.  Replacement cattle 1 percent. KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates