Market Update - January 24, 2013
Posted on Jan 24, 2013Cattle futures are trading higher with the best gains in deferred Feeder Cattle contracts. The February Live contract is holding up despite some feedlot sales at $122/cwt and Russia talking about restrictions on US beef; however, on the other hand, Japan plans to lift age restrictions to 30 months of age. Feeder futures are supported by lower feed costs. Feedlots and packers are operating in the red at the current market values.
Nearby Lean Hog futures are trading moderately higher following strong cash hog markets yesterday and a firm Pork Cutout Value. Traders keep hoping seasonal strength will kick in to lift hog prices more. February LH has resistance at 87.42 and 87.80.
Corn Mar -2 719; Dec -6 584
Bean -16 1421; Nov -6 1298 Meal -8 409 Oil -18 5185 Wheat Mar -7 767; Jly -8 781 KC -9 821; MGE -5 855
LC Feb +17 12595; Oct +17 13170 FC Jan +87 8685; Aug +37 9640 LH Feb +102 8700; Jly +37 9697 Milk Jan +5 1817; Feb +7 1728
Oats -3 357 Rice -5 1525
US$ +.05%
Dow +.6% SP +.4% NAS -.2% Tran +1.3% VIX +1.2% 12.61
WTI +1.1% Brent +.5% Gas +.6% NG -.6% HO +.4% Eth steady Gold -.8% Slvr -1.8%
5-yr +.004 0.782% 10yr +.002 1.857% 30yr +.006 3.061%
BIODIESEL PRODUCTION EXCEEDS 1 BILLION GALLONS The U.S. biodiesel industry broke the 1 billion gallon mark in 2012 for the second consecutive year, according to year-end production figures released Wednesday by the EPA. The total volume of nearly 1.1 billion gallons was roughly flat over 2011 production, exceeding it by just 6 million gallons.
Tagged Post Topics Include: Economics, Market updates
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