Market Update - February 14, 2013

Posted on Feb 14, 2013
 

CBOT futures are lower amid a mix of factors including a stronger US dollar, disappointing soybean export sales in today’s weekly report, and improving rain chances in Argentina. 

 

Live Cattle futures sold off ahead of the 9 am pit opening but have rallied nicely since then to erase most of the losses. Traders are dealing with uncertain demand, negative packer margins and an “oversold” technical condition. 

 

Lean Hog futures took another leg down today following yesterday’s sharp drop in the Pork Cutout value.

 

Corn Mar -2 693; Jly -3.5 680; Dec -3 561

 

Bean Mar -8 1415; Jly -9 1396; Nov -7 1265 Meal Mar -3 405; Oct -3.5 349   Oil -8 5158

 

Wheat mar -7 729; Jly -6.5 739   KC -7 773; MGE -7 816

 

LC Feb -10 12540; Jun -20 12470; Oct unch 12945 FC Mar +12 14147; Apr +52 14547; Aug +80 15540 LH Apr -127 8452; Jun -115; Oct -90 8390 Milk Feb +2 1725; Mar -5 1739

 

Oats -3 377 Rice -4 1581

 

 US$ +.5% Dow -.1% SP steady NAS -.05% Tran -.1% VIX -1.2% 12.83

WTI +.5% Gas +1.9% NG -4.2% HO +.1% Eth -1.5%

Gold -.3% Slvr -1%

 

5-yr -.029 0.891% 30yr -.027 3.212% 

 

ETHANOL PRODUCTION INCREASES AS STOCKS FALL    EIA detailed a 600,000 barrel (bbl) inventory draw down to 19.5 million bbl for the week-ended Feb. 8, reflecting a 3% week-on-week drop, and down 9.3% from the year-ago level.  For the week-ended Feb. 8, ethanol production climbed 15,000 barrels per day (bpd), or 2%, to 789,000 bpd, while down 14.9% compared to a year-ago level.  For the week-ended Feb. 8, the four-week average gasoline demand at 8.4 million bpd was up 4.4% from the level seen a year ago. 

 

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Tagged Post Topics Include: Economics, Market updates