Market Closes - March 21, 2013 - Kentucky Farm Bureau

Market Closes - March 21, 2013

Posted on Mar 21, 2013
Although weekly export sales reported this morning were disappointing for corn, wheat and soybeans, soy complex futures closed strongly higher. Old-crop soybean futures soared as traders expect China to buy US soybeans to replace Brazilian cancellations. China is reportedly selling its government stocks to help meet domestic needs due to delayed shipments.

Corn futures’ rally has slowed the past two days as prices approach some chart resistance.  New-crop December has resistance at $5.70, then up to $5.95. New-crop may be supported by the cool, wet March that should remain cooler than normal according to NWS outlooks.

Cattle futures opened strongly in the morning but gave back those gains as the day wore on, closing near the opening price. The early support was tied to the government passing legislation to fund government through September 30 which should make for normal meat inspection schedules. Boxed beef values softened again today: Choice DN 0.43 at 192.98; Select UP 0.21 at 193.24. The monthly Cattle on Feed report will be released tomorrow afternoon.

Lean Hog futures also rallied strongly in early trading, but did not fade as much as cattle futures did. This may be because hog and pork prices improved today. The Pork cutout bounced back from Wednesday’s sharp loss – up $1.09 to $77.85/cwt.

Financial markets are very focused on how the banking situation in Cyprus plays out. The ECB has given parties until Monday to solve it. As investors sought the safety of the U.S., Treasury yields moved lower.

Corn May +.5 733; Jly unch 717; Dec +1.5 568.5 Bean May +29 1449; Jly +26 1425; Nov +14 1275   Meal May +9 423; Oct +3 360   Oil +58 5042 Wheat May -7 729; Jly -6.5 727.5   KC -6 760;  MGE -7 803 LC Apr +37 12642; Jun +10 12200; Oct +7 12740 FC Mar +5 13515; Apr +65 13830; Aug +95 14810 LH Apr +47 7835; Jun +105 8955; Oct +105 8040 Milk Apr +2 1759; May +1 1834 Oats -4 395 Rice +13 1478

US$ -.1% Dow -90 14421 SP -13 1546 NAS -32 3222   VIX +1.32 13.99 +10.4%

WTI -105 9245 Brent -152 10720 Gas -5 307 NG -3 393 HO -.5 289 Eth -2 257

Gold +6 1613 Slvr +31 2913

2-yr unch 0.25% 5-yr -.02 0.79% 10yr -.05 1.91% 30yr -.07 3.13%

WET SPRING AHEAD ?    The April and the April/May/June outlooks forecast above normal rainfall for most of the Corn Belt.  Temperatures will be mostly above normal.   http://www.cpc.ncep.noaa.gov/products/predictions/30day/ 

 KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates


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