Market Closes - April 9, 2013

Posted on Apr 9, 2013
A weaker US dollar was supportive for commodity futures today. The US dollar has been weakening since the March 27. In preparation for tomorrow’s USDA WASDE report, traders appeared to be covering short corn and wheat positions, giving both commodities a price boost.

2012/13 Ending stocks estimates by traders: Corn = 824 million bushels vs USDA’s 632 million last month. Bean = 137 million vs USDA’s 125 last month. Wheat= 731 million vs USDA’s last estimate of 716 million.

Only the nearby April Live Cattle contract closed higher on optimism that cash cattle will capture higher prices this week. Although boxed beef values firmed today, the big winter storm crossing the nation this week won’t help consumption. Boxed beef: Choice UP 0.46 at 191.41; Select UP 0.56 at 187.02. According to USMEF, January-February 2013 total beef exports of 172,975 MT is 2% lower than last year's pace, although the value of those exports of $873.8 million is up 7% from year earlier.

Weak domestic demand and declining pork exports weighed on most Lean Hog contracts today. The Pork Cutout value has been fairly steady the past few days. Pork exports the first two months of 2013 are down 8% in volume and 7% lower in value than in 2012.

Corn May +11 644; Jly +8 627.5; Dec +8 540 Bean May +17.5 1395.5; Jly +13 1371; Nov +9.5 1242 Meal May +1.5 395; Oct +1 344   Oil +46 4998 Wheat May -4 709; Jly -3.5 714; Dec -3.5 734.5   KC Jly +2 754; MGE +1 799 Oats +4 367 Rice +12 1570

LC Apr +45 12672; Aug -10 12265; Dec -7 12847 FC Apr -12 14262; May unch 14475; Aug -17 15157 LH Apr +20 8072; Jun -70 8985; Oct -42 8145 Milk Apr -5 1755; May -10 1852   US$ -.4% Dow +60 14673 SP +6 1569 NAS +16 3238 Tran -19 6073   VIX -.35 12.84

WTI +61 9397 Brent +160 10626 Gas +2 293 NG -5 403 HO +1 296 Eth +4 250

Gold +12 1585 Slvr +76 2790

2-yr unch 0.23% 5-yr -.01 0.70% 10yr unch 1.75% 30yr +.02 2.93%

KENTUCKY PEST NEWS IS NOW AVAILABLE FOR APRIL 9 WWW.UKY.EDU/KPN CORN -Refuge Requirements for Transgenic Insect Control Traits in Field Corn WHEAT -Fungicidal Control of Fusarium Head Blight (A.KA. Head Scab) FORAGE CROPS - Foliar Fungicides on Alfalfa TOBACCO - Float Water: A Good Home for Waterfleas

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates