Market Closes - April 17, 2013

Posted on Apr 17, 2013
CBOT futures closed in mixed fashion as various factors work in opposite directions. The investment community’s “risk off” trade lead to a much stronger U.S. dollar and falling prices of energy, metals and equities. While the heavy precipitation will recharge subsoil in the Corn Belt, it also increases the risk that corn planting will be delayed. If the delays are extended, one would expect some acreage switching to soybeans; this may explain why new-crop soybean futures lost ground to new-crop corn and to old-crop soybeans.

Wheat futures were strongly higher until midday on freeze concerns and snow-covered ground in the northern Plains. However, wheat futures fell hard in the last hour to close little changed. The selling may have been because the July CBOT Wheat contract did not push through chart resistance at $7.20. If $7.20 is surpassed, then look for $7.40. Support comes in at $6.89-6.94.

Live Cattle futures closed strongly higher on apparent short-covering prompted by improving boxed beef values. Choice UP 0.88 at 191.33; Select UP 0.56 at 184.49. The May Feeder Cattle contract closed higher on follow-through buying after the contract yesterday had a bullish reversal off a double-bottom low.

Lean Hog futures also closed much higher, adding to Tuesday’s gains. Today, the new measure of the pork cutout jumped one cent/lb.

Corn May -3 660.5; Jly unch 641; Dec +6.5 547 Bean May +11 1422; Jly +5 1380; Nov unch 1218 Meal May +6 407; Oct -1 338   Oil +41 4939 Wheat May unch 704; Jly -1 707 (701-718); Dec unch 727   KC Jly unch 747.5; MGE -3 799 Oats +12 378 Rice -7 1553

LC Apr +150 12687; Aug +125 12222; Dec +110 12697 FC Apr -42 13652; May +85 14090; Aug +102 14750 LH May +132 8812; Jly +130 9060; Oct +122 8115 Milk Apr -1 1763; May +29 1930

US$ +1% Dow -138 14619 SP -23 1552 NAS -60 3205 Tran -92 5949   VIX +18.3% 16.51

WTI -235 8637 Brent -246 9745 Gas -5.5 273 NG +4 420 HO -7 274 Eth +5 246

Gold -10 1377 Slvr -36 2326

2-yr unch 0.23% 5-yr -.01 0.70% 10yr -.03 1.70% 30yr -.03 2.88% 

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Tagged Post Topics Include: Economics, Market updates