Market Update - December 3, 2013
Posted on Dec 3, 2013A weaker US dollar is supportive as is the surge in crude oil futures.
Cattle futures are trading lower, extending Monday’s price weakness. Given that the funds are very long live cattle futures, this may be more long liquidation in light of a steady beef market.
Lean Hog futures are off sharply on weaker cash markets. The December contract is testing support but the February 2014 LH contract has moved to lows not seen since the middle of October. Corn Dec +2 419; Mar +3 428 (423-429); Jly +3 443; Dec14 +2 457 Bean Jan +2 1323; Jly +4 1283; Nov +8 1158 Meal Jan +1 430; Jly +3 402 Oil -27 4033 Wheat Mar +4 666; Jly +3 666 KC +5 711; MGE +3 706 Oats +5 329 Rice +3 1593
LC Dec -55 13270; Apr -32 13467 FC Jan -32 16502; Apr -47 16615 LH Dec -77 8525; Apr -90 9285 Milk Dec +10 1870; Jan +20 1817
US$ -.4%
Dow -.7% SP -.5% NAS -.3% Tran -.9% VIX +4.3% 14.84
WTI +2% Brent +.6% Gas +1% NG +.3% HO +.3% Eth +1.9%
Gold +.1% Slvr -.7%
5-yr -.03 1.39% 10yr -.03 2.77% 30yr -.02 3.84%
Blue Grass Stockyards Cattle Auction Report for 12/02/2013 Receipts: 2,128 Last Monday: 1,043 Year Ago: 2,187
Compared to last week steer and heifer calves sold 3.00 to 7.00 higher with very good demand on an average to good quality offering. Yearling steers lightly tested. Yearling heifers sold 3.00 higher with very good demand. Slaughter bulls sold 1.00 higher with moderate demand. Slaughter cows sold steady with good demand. Market very active after lunch as new orders came in. Very good demand for middleweight steer calves and featherweight heifer calves.
Total supply included 10% slaughter cows, 01% slaughter bulls, 01% replacements and 88% feeders. Feeder supply 33% steers, 19% bulls, 48% heifers with 49% of feeders weighing over 600 lbs.
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Tagged Post Topics Include: Economics, Market updates
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