Market Update - November 14, 2012

Posted on Nov 14, 2012
  CBOT soybean futures are trading higher on follow-through buying that started midday Tuesday.  $13.90 in the January contract is a support area.  Corn and wheat futures are trading mixed with little change.  Corn is balancing weak export demand with a slowdown in farmer sales following the sharp price declines.  Old-crop CBOT wheat futures are trading inside yesterday’s range with chart support not very far below the market.

  Traders will continue to watch planting progress in South America and soil moisture conditions where winter wheat is growing.  The US Plains need rain as conditions deteriorated last week.

  Live Cattle futures are mixed with not enough cash trade to direct the market. With beef packers operating in the red and Thanksgiving work schedules nearly upon us, increased demand is not expected.

  Lean Hog futures are down after the Pork Cutout took a major hit Tuesday. 

Corn Dec +4 727; Mar +4 730; Dec’13 +1 612

Bean Jan +16 1424; Mar +17 1403; Nov’13 +2 1284   Meal Dec +3.5 436.5;  May +2 410.5   Oil +74 4776

Wheat Dec +1 852; Jly +3 859   KC +4 892; MGE +3 925

LC Dec +17 12597; Jun -2 12975 FC Nov -22 14330; Jan -50 14565; Apr -52 15000

LH Dec -17 8032; Feb -35 8647

Milk Dec -3 1935; Jan +8 1883

Oats +2 365

Rice -9 1500 

US$ unch

Dow -.6%

SP -.5%

NAS -.3%

Tran -1.1%

VIX +1.3% 16.86

WTI +.6%

Brent +1%

Gas +1.2%

NG +2%

HO +.7%

Eth steady

Gold +.2%

Slvr +.6%

5-yr +.008 0.631% 10yr +.010 1.605% 30yr +.018 2.742% 

Blue Grass Stockyards   Cattle Report for 11/13/2012  Close Receipts:  1,344   Last Tuesday:  3,082   Year Ago:  2,273    Compared to Monday, good quality steer calves sold about steady however more plain quality calves on the market today.  Heifer calves sold steady to 2.00 lower with more plain fleshy calves on the market today.  Yearling steers sold about steady with moderate to good demand. Yearling heifers limited comparison.  Slaughter cows and slaughter bulls sold 1.00 lower with moderate demand.     Total supply included 05% slaughter cows, 01% slaughter bulls, Less than 01%replacements and 93% feeders.  Feeder supply 53% steers, 10% bulls, 37% heifers with 74% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates