Market Closes - March 27, 2013

Posted on Mar 27, 2013
Get ready for the 11:00 a.m. CDT release of USDA reports – Prospective Plantings and Quarterly Grain Stocks. This will be followed at 2 pm by the Hogs and Pigs Inventory Report. The average trade estimates (by Reuters) are approximately:   Corn Planted = 97.3 million   Soybean Planted = 78.4 million   Wheat planted = 56.4 million

March 1, 2013 Grain Stocks   Corn = 5.01 billion   Bean = 0.935 billion   Wheat = 1.18 billion 

Hogs and Pigs   All hogs & pigs = 100.7% of year ago   Kept for breeding= 100.3%   Kept for marketing= 100.8%   Dec-Feb Pig Crop = 101.2%

Cattle futures closed strongly higher on optimism that cattle and beef prices will soon rise on improved demand (if it warms up). But boxed beef values continued dropping today -- Choice down 0.47 at 189.96; Select down 0.66 at 188.51. Some cattle traded steady at $125/cwt.

Except for the spot April contract, Lean Hog futures closed lower ahead of tomorrow’s hog report that could show an expanding herd. While cash hog prices were little changed today, the Pork Cutout dropped 70 cents/cwt.

The U.S. dollar continued to strengthen today, moving to new highs for this move. The USD Index hasn’t been this high since early August 2012. This works to limit U.S. exports.

Corn May +5 735; Jly +4 716; Dec unch 571 (567-574) Bean may +6 1454; Jly +4.5 1431; Nov +2 1278 (1271-1280) Meal May +3 423; Oct +1 358   Oil unch 5082 Wheat May +5 737; Jly +4 736; Dec +3 753   KC +5 774; MGE +2 813 Oats +13 412 Rice +33 1533

LC Apr +140 12735; Jun +182 12297; Oct +127 12815 FC Mar +42 13527; Apr +180 14040; Aug +145 14925 LH Apr +57 8007; Jun -40 9067; Oct -37 8187 Milk Apr +5 1747; May +17 1842

US$ +.4% 83.21 Dow -33 14526 SP -1 1563 NAS +4 3257   VIX +.38 13.15

WTI +37 9671 Brent +49 10985 Gas +.5 311.5 NG +9.5 409 HO +4 258 Eth +5 258

Gold +9 1605 Slvr -3 2864

2-yr unch 0.24% 5-yr -.04 0.73% 10yr -.06 1.85% 30yr -.05 3.09%

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Tagged Post Topics Include: Economics, Market updates