Market Update - January 31, 2013
Posted on Jan 31, 2013Live Cattle futures are trading near steady despite Wednesday’s fed cattle trade at $125/cwt, up about $3 from last week. However, that still leaves February futures at a $3 premium to the cash market. Boxed beef values were steady/weak.
Lean Hog futures are up strongly on cash hog market strength. The Pork Cutout dropped $1.12 yesterday. The February 2013 contract traded through chart resistance at December’s high. The last resistance point is 88.25, November’s highest price for the February contract.
Treasury yields are weaker due to the FOMC stating the Federal Reserve will continue to buy over $80 billion/month of securities.
Corn Mar unch 740; Jly unch 732; Dec -2 591 Bean Mar -15 1463; Jly -14 1443; Nov -10 1322 Meal Mar -6 426; Oct -3 371 Oil -22 5238 Wheat Mar -5 782; Jly -6 794 KC -3 838; MGE -2 867
LC Feb +2 12802; Apr +5 13297; Oct +12 13315 FC Mar +52 14962; May +32 15502; Aug +30 16027 LH Feb +70 8780; Jly +12 9822 Milk Feb +11 1718; Mar +29 1700 Oats -1 361 Rice +5 1545
US$ -.1%
Dow -.2% SP -.3% NAS -.1% Tran +.1% VIX +.3% 14.36
WTI -.6% Brent +.4% Gas -1% NG +1% HO +.2% Eth -.1%
Gold -1.2% Slvr -2.8%
5-yr -.008 0.883% 10yr -.012 1.990% 30yr -.009 3.177%
USDA will release its CATTLE INVENTORY report tomorrow afternoon. CME Group shows the average trade guess at 89.135 million head, down 1.8% from year earlier, and the smallest U.S. herd since 1952.
Tagged Post Topics Include: Economics, Market updates
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