Market Update - February 21, 2013

Posted on Feb 21, 2013
CBOT futures are mostly lower lead by the 2+ percent losses in wheat. Corn and wheat futures are been working lower since early morning as more traders entered the market. Export demand remains a concern except for soybeans. The big snowstorm and rainfall will also weigh on prices. Old crop corn remains in a sideways trend, but July CBOT Wheat has taken another step down to new lows not seen since June 2012.

Cattle futures are little changed from yesterday’s close. Cattle and boxed beef values were steady yesterday.

Financial markets continue to react to bearishly-construed Federal Reserve minutes that suggests the Fed’s easing program may not last as long as expected. Also, today’s economics reports are negative with jobless claims rising more than expected. U.S. equities are lower and Treasury yields dropping – the 10-year is below 2% again. Consumer prices excluding food and energy rose 0.3 percent - the largest gain since May 2011.

Corn Mar -6.5 694; Jly -7.5 675; Dec -5.5 556

Bean Mar +3 1485; Jly -5 1451; Nov -11 1276   Meal Mar +3 437; Oct -3 355   Oil -70 5137

Wheat Mar -16 722; Jly -19 729   KC -16 761; MGE -12 809

LC Feb +10 12520; Apr -22 12800; Oct -30 12945 FC Mar -7 14065; Apr +7 14367; Aug -10 15370 LH Apr -72 8222; Jun -60 9175; Oct -52 8242 Milk Feb +3 1727; Mar +7 1712

Oats +2 390 Rice -12 1590

US$ +.3%

Dow -.4% SP -.6% NAS -.9% Tran -.8%   VIX 15.52 (+5.7%)

WTI -2.4% Brent -1.5% Gas -.7% NG -.4% HO -1.4% Eth -.6%

Gold unch Slvr +.2%

5-yr -.026 0.839% 10yr -.040 1.978% 30yr -.035 3.164% Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 02/19/13     Receipts:  1,389   Last Week:  2,411   Year Ago:  2,434

   Compared to last week steer calves sold about steady with moderate to good demand.  Heifer calves sold steady to 2.00 higher with moderate to good demand.  Slaughter cows and slaughter bulls sold steady with good demand.    Total supply included 08% slaughter cows, 01% slaughter bulls, 01% replacements and 90% feeders.  Feeder supply 28% steers, 30% bulls, 42% heifers with 20% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates