Market Closes - April 12, 2013
Posted on Apr 12, 2013CBOT futures were supported by ideas that supplies of old-crop corn and soybeans are tight enough that higher prices are needed to ration supplies or to pull supplies from farmers. Wheat lead the rally on concerns recent freeze damage in the southern Plains was significant. The Funds were buying corn, beans and wheat. Corn also found support late this week by increased ethanol production in the latest period; ethanol prices have gained on gasoline too.
The next 2-week period looks to remain colder than normal throughout the eastern U.S. and to have above-normal rainfall in the eastern Corn Belt. Fieldwork and planting should be slowed. http://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php
Live Cattle futures closed little changed as fed cattle cash prices didn’t rebound from the $1/cwt lower price that traded mid-week. Boxed beef slid lower again today. Choice down 0.63 at 189.52; Select up 0.15 at 184.14. April Feeder Cattle closed lower for the fourth straight day and is about $1.20 above the contract low traded in March; the $9/cwt rally has almost been erased.
Lean Hog futures also closed little changed. April LH expired today (at $82.20), so May is now the nearby contract. May bounced off key chart support in the $86.50 area (for the fourth time in six weeks). Traders anticipate improving cash hog prices, but today’s market was weaker. The Pork Cutout fell $1.24/cwt. The cold balance of April will not help grilling demand.
Corn May +7 658.5; Jly +8 641; Dec +6 550 Bean May +11 1413; Jly +11 1379; Nov +5 1232 Meal May +5 400; Oct +3 343 Oil -54 4923 Wheat May +17 715; Jly +16 719.5; Dec +15 739 KC Jly +13 759; MGE +14 799 Oats +5.5 373 Rice +5 1582
LC Apr +27 12585; Jun +10 12075; Oct -15 12510 FC Apr -130 13792; May -85 14092; Aug -102 14780 LH May -2 8737; Jly +35 8990; Oct -5 8095 Milk Apr -1 1758; May +11 1885 US$ -.15% Dow unch 14865 SP -5 1589 NAS -5 3295 Tran -21 6144 VIX -.18 12.06
WTI -279 9072 Brent -126 10301 Gas -2.6 280.5 NG +11 425 HO -3 287 Eth -2.6 242
Gold -84 1480 Slvr -181 2588
2-yr unch 0.23% 5-yr -.04 0.69% 10yr -.07 1.72% 30yr -.08 2.92%
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Tagged Post Topics Include: Economics, Market updates
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