Market Update - November 6, 2012

Posted on Nov 6, 2012
  CBOT futures are trading higher on a “turnaround Tuesday”. The bearish ideas on soybeans yesterday have eased as focus turns to strong export demand and a private estimate that Argentina production will be down more than expected  (even though it’s still planting season).

  Wheat is at the day’s highs supported by supply concerns.  Corn futures are moving in a sideways pattern a few cents above key support @ $7.32.

  Cattle futures are trading narrowly mixed on a lack of new fundamentals.

  Lean Hog futures have traded both sides of unchanged but are now higher. Fundamentals don’t seem supportive.

Corn Dec +2.5 738; Mar +3 741; Dec’13 +3 635

Bean Jan +14.5 1518; Mar +11 1493; Nov’13 +10 1344   Meal Dec +2 471; May +1 438   Oil +35 4867

Wheat Dec +9 875; Jly +4 878   KC +9 918; MGE +6 946

LC Dec +12 12540; Apr -15 13295

FC Nov +7 14497; Jan -15 14662; Apr -57 15000

LH Dec +32 7725; Apr +27 8825

Milk Nov -4 2115; Dec +1 2043

Oats steady 358

Rice +12 1528

US$ -.1%

Dow +.7%

SP +.4%

NAS +.2%

Tran +.8%

VIX -3.3% 17.82

WTI +.9%

Brent +1%

Gas +1.5%

NG +.6%

HO +.4%

Eth steady

Gold +.6%

Slvr +.4%

5-yr +.006 0.704% 10yr +.014 1.693% 30yr +.011 2.880% 

Blue Grass Stockyards Cattle Auction Report for 11/05/2012 Receipts:  1,755   Last Monday:  1,419   Year Ago:  2,417

   Compared to last week, steer calves under 500 lbs sold steady; over 500 lbs sold 2.00 higher with good demand.  Heifer calves sold steady to 1.00 higher; except 300-400 lb featherweight calves 3.00 to 10.00 higher with very good demand.  Yearling steers not fully established.  Yearling heifers sold steady in a light test.  Slaughter cows and slaughter bulls sold about steady with moderate demand.

Tagged Post Topics Include: Economics, Market updates