Market Update - June 13, 2013

Posted on Jun 13, 2013
CBOT futures are lower and have extended the losses after the pit trade opened at 930 am CDT.  Although yesterday’s USDA WASDE report was considered generally negative, today’s selling may be more about fund liquidation and technical selling.  The July Soybean and July Soybean Meal contracts are leading the CBOT downward.

Cattle futures are posting losses at midday on continued caution regarding beef demand at the current high retail prices. Yesterday the CHOICE cutout value fell $1.20 to $201.79/cwt.

JUNE Lean Hog futures are rallying on this final day of trading. Deferred futures are off slightly but still near the new highs set yesterday. JULY LH futures are only about $2/cwt from its contract high set in November 2012.  Yesterday, the Pork Cutout–FOB Plant soared $1.96 to $101.26/cwt.

Corn Jly -7.5 643; Sep -7 568; Dec -5 532 (529-539) Bean Jly -33 1508; Sep -22 1337; Nov -23 1291 (1288-1319) Meal Jly -9 452; Dec -7 383 Oil -32 4779 Wheat Jly -5 678 (675-684); Dec -6 699 KC -4 712; MGE +3 809 Oats +2 405 Rice +18 1646

LC Jun -60 11955; Oct -40 12272; Dec -45 12512 FC Aug -45 14547; Oct -15 14960; Jan -72 15120 LH Jun +90 10185; Jly -25 9892; Oct -15 8460 Milk Jun -4 1800; Jly -5 1803

US$ -.2% Dow +.4% SP +.4% NAS +.4% Tran +.8% VIX -6.5% 17.39

WTI unch Brent +.4% Gas +.8% NG +1.5% HO +.8% Eth +.8%

Gold -1.1% Slvr -1.1%

5-yr -.04 1.11% 10yr -.04 2.19% 30yr -.05 3.32%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 06/13/13

Receipts:  2,161   Last Week:  2,539   Year Ago:  2,684

Compared to last week, steer calves sold mostly steady to 2.00 lower on 600-700 lbs with moderate to good demand. Heifer calves sold steady with good demand.  Average to good quality offering.  Yearling steers and heifers sold steady with good demand.  Slaughter cows sold 3.00 to 4.00 lower with light to moderate demand.  Slaughter bulls sold steady with good demand.

Total supply included 11% slaughter cows, 01% slaughter bulls, less than 01% replacements and 88% feeders.  Feeder supply 43% steers, 17% bulls, 40% heifers with 60% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates