Market Closes - May 8, 2013

Posted on May 8, 2013
Today’s CBOT price action represents traders’ optimism that corn planting will accelerate over the next week to reduce the gap with normal planting rate, and the strong demand for cash soybeans in the U.S. Corn supply shortages along the East Coast are reportedly being met in part by imports from South America. Wheat futures closed mixed with Chicago following corn lower but KC and MGE posting gains with more production risk for those varieties under current conditions.

Cattle futures closed lower for the fourth day in a row. A few cattle traded at $126/cwt, down $2 from last week. However, boxed beef surged higher to a new record high. Choice UP 3.48 at 204.67; Select UP 0.37 at 190.63 Feeder Cattle futures lost more ground than Live Cattle even though Corn futures dropped over one percent. The May FC contract set a new contract low and is only about $2.50 over key support on the weekly continuation chart.

Lean Hog futures closed higher as cash hog prices rose again today. May/June/July hog futures are all near $92 and the LH Cash Index is about $90.

Outside markets were supportive to commodity futures today as the US dollar weakened and energy, equities and gold strengthened.

Corn Jly -7 633; Sep -8 554; Dec -7 532 Bean May +15.5 1479; Jly +8.5 1391; Sep -1.5 1257; Nov unch 1214   Meal May +9 425; Jly +4 408; Oct +2 344   Oil -32 4882 Wheat Jly -3 706; Dec -3 733   KC +2 760; MGE +6.5 816 Oats +1 378 Rice -16 1523

LC Jun -62 12020; Oct -115 12312; Dec -97 12472 FC May -127 13560; Aug -122 14532; Oct -90 14875 LH May +52 9197; Jly +52 9190; Oct +35 8150 Milk May +8 1864; Jun -16 1836

US$ -.4% Dow +49 15105 SP +7 1633 NAS +17 3413 Tran +14 6411   VIX -.17 12.66

WTI +99 9661 Brent -10 10430 Gas +2.5 286 NG +5 397 HO -1 292 Eth +2 258

Gold +24 1473 Slvr +12 2392

2-yr unch 0.22% 5-yr unch 0.74% 10yr -.01 1.77% 30yr unch 2.99% 

FSA Announces Prevented Planting Deadlines     May 8, 2013— With spring planting underway, the Farm Service Agency is reminding producers to timely report any prevented or failed acreage to their local office.   Prevented planting acreage, or acreage that could not be planted because of wet field conditions or other natural disaster, should be reported to FSA within 15 days of the final planting date of the crop. This includes crops covered by crop insurance or the Non-insured Assistance Program (NAP) and crops without insurance coverage. Producers should contact their local FSA office or crop insurance agent to verify final planting dates for all crops since they vary among counties and crop types.

FSA Announces CRP Continuous Signup    May 8, 2013— Beginning May 13, 2013, the USDA-Farm Service Agency will be accepting new offers and approving new contracts under CRP's Continuous, CREP, FWP, and SAFE signups.   The following practices are available under continuous signup:  CP-8A Grass Waterways Non-easement; CP-9 Shallow Water Areas for Wildlife; CP-21 Filter Strips, CP-22 Riparian Buffers, CP-29 Marginal Pastureland and Wildlife Habitat Buffer, CP-23 Wetland Restoration; CP-33 Habitat Buffers for Upland Birds; and CP-38 State Acres for Wildlife, and CP-42 Pollinator Habitat.

   Landowners enrolled in the CRP program receive annual rental payments and cost-share assistance to establish long-term, resource conserving covers on eligible farmland. Land that is not currently enrolled in CRP can be offered during sign-up if all eligibility requirements are met.   Expiring CRP continuous contracts can be re-enrolled with an enrollment date of October 1, 2013.  The authority for this signup will end September 30, 2013.

   For more information about the CRP Continuous Signup visit us online at www.fsa.usda.gov or contact your local FSA office.

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