Market Update - December 17, 2012

Posted on Dec 17, 2012
Following through on last Friday’s market strength, CBOT futures traded higher from Sunday evening’s open through the night. But when the Pit opened at 930 am CT, futures sold off quickly and remain within 1-3 cents of the day’s lows.

  Cattle futures are higher led by the December Live Cattle contract. Friday’s strong price action in futures and cash markets carried over to Monday. Deferred LC futures are showing more modest gains although the February and April 2013 contracts predict LC prices will strengthen through the winter and spring.  Negative packer margins warrant caution in fed cattle prices.

  Feeder cattle futures continue to benefit from the weakness in the CBOT and strong Live Cattle futures.

  Lean Hog futures are down slightly as traders remain concerned about a seasonal slowdown in demand and cash prices.

  “Optimism” regarding the fiscal cliff negotiation is credited for a stronger US equity market today that is weighing on Treasury prices which means interest rates are firming.

Corn Mar -8.5 722 (721-735); Jly -7 723; Dec -4.5 623.5

Bean Jan +1 1497; Mar -2 1489; Nov -2 1315 Meal Jan unch 458; Oct unch 374   Oil -33 4966

Wheat Mar -8 806; Jly -9 824   KC -9 855; MGE -7 896

LC Dec +137 12827; Apr +17 13695; Oct -2 13587 FC Jan +47 15355; Apr +60 15695; Aug -15 16180

LH Feb -15 8525; May -47 9742; Jly -35 9925

Milk Dec +1 1860; Jan -10 1765

Oats -5 385

Rice -4 1538

 US$ -.05%

Dow +.6%

SP +.9%

NAS +.9%

Tran +.4%

VIX -1.6% 16.72

WTI +.9%

Brent +1.1%

Gas +.5%

NG +2%

HO -.2%

Eth -.8%

Gold +.1%

Slvr -.1%

5-yr +.012 0.712% 10yr +.017 1.733% 30yr +.016 2.894%

Tagged Post Topics Include: Economics, Market updates