Market Update - November 13, 2012

Posted on Nov 13, 2012
  CBOT futures traded higher overnight as prices bounced back some from Monday’s sharp sell-off.  However, as more traders entered the market this morning, prices came under selling pressure at the opening bell (930 am CT).

  Across the CBOT quote board, prices are at/near the day’s lows; it doesn’t look like this will be a “Turnaround Tuesday”.

  Live Cattle futures are narrowly mixed as the cash market isn’t expected to improve this week ahead of Thanksgiving. 

  Lean Hog futures are rallying to new highs without much fundamental news to support it.

Corn Dec -2 716; Mar -2.5 720; Dec’13 -2.5 610

Bean Jan -5 1400; Mar -9 1379; Nov’13 -4 1282 Meal Dec -3 429; May -3 404   Oil +4 4743

Wheat Dec -10 848; Jly -10 850   KC -5 886;  MGE -2 922

LC Dec +10 12545; Apr -17 13297

FC Nov -65 14335; Jan -45 14550; Apr -45 14985

LH Dec +85 8117; Apr +70 9165

Milk Nov +6 2086; Dec +6 1926

Oats unch 359

Rice -8 1483

US$ steady

Dow +66 12881

NAS +7 1387

SP +2 2906

Tran +46 5105

VIX -2.9% 16.19

WTI +.1%

Brent -.8%

Gas -.5%

NG +4.5%

HO -.9%

Eth -.4%

Gold steady

Slvr +.5%

5-yr -.013 0.630% 10yr -.009 1.605% 30yr -.005 2.742%

NCBA’s ”Cattlemen to Cattlemen” will take a closer look at the current state of the beef industry during a live call-in show tonight at 8:30 p.m. (EST) on RFD-TV.   Rebroadcasts occur on November 14 and 17.

Blue Grass Stockyards    Cattle Auction Report for 11/12/2012

Receipts:     1,719   Last Monday:  1,755   Year Ago:     2,319    Compared to last week, steer calves sold steady to 2.00 higher with good demand.  Heifer calves sold steady with good demand.  Yearling steers sold steady to 2.00 higher in a light test.  Yearling heifers not fully established.  Slaughter cows and slaughter bulls sold about steady with moderate demand.

   Total supply included 09% slaughter cows, 01% slaughter bulls, 01% replacements and 89% feeders.  Feeder supply 38% steers, 27% bulls, 35% heifers with 46% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates