Market Closes - May 2, 2013

Posted on May 2, 2013
CBOT futures closed mixed with prices affected by the weather which continues to delay planting corn and spring wheat and may increase 2014 soybean acreage.

Old-crop corn futures lead the market higher on tight cash markets and improving ethanol production economics.

Outside markets were mixed with very strong energy and metal futures despite a stronger US dollar (as the ECB lowered its key rate from 0.75 to 0.50%, a record low). A key U.S. jobs report will be released Friday morning. Yesterday the Federal Reserve OMC indicated it will continue its monetary easing program as the economy dictates.

Cattle futures closed strongly higher as boxed beef values continued to climb higher with Choice beef surpassing $200/cwt for the first time since 2003. Choice UP 1.09 at 200.58; Select UP 0.81 at 190.64. There’s a lot of pent up demand for grilling due to April’s very cool, wet weather.

Lean Hog futures closed little changed. The pork cutout slipped a little today. Even so, traders still expect pork demand to improve similar to beef as weather improves. However, May Lean Hog futures are already 5-6 cents/lb premium to the cash hog market.

Corn Jly +15 662; Sep +11 584; Dec +8.5 559 Bean Jly -1 1372; Sep -2.5 1247.5; Nov -5 1204 Meal Jly +2 406; Oct -1 340 Oil -36 4849 Wheat Jly +7.5 728.5; Dec +7 752;    KC Jly +8.5 791; MGE +9.5 825 Oats +6 386 Rice -2 1525

LC Jun +117 12365; Aug +77 12387; Oct +47 12700 FC May +110 14060; Aug +92 14965; Oct +50 15295 LH May +40 9130; Jly +5 9302; Oct -15 8230 Milk May +4 1869; Jun -15 1930 

US$ +.7% Dow +131 14832 SP +15 NAS +41 3341 Tran +59 6094   VIX -.90 13.59

WTI +304 9407 Brent +294 10289 Gas +5 277 NG -28 404 HO +7 285.5 Eth +6 252

Gold +20 Slvr +44 2378

2-yr unch 0.20% 5-yr unch 0.65% 10yr unch 1.63% 30yr unch 2.82%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/02/13    Receipts:  2,845   Last Week:  2,973   Year Ago:  2,040

Compared to last week, steer calves sold mostly steady, except featherweight calves under 400 lbs 10.00 higher with very good demand.  Heifer calves under 500 lbs sold 5.00 to 10.00 higher with very good demand and active farmer participation, 500-600 lbs sold steady to 4.00 higher with very good demand, over 600 lbs sold steady.  Mostly good quality calves.  Yearling steers 2.00 to 3.00 higher with good demand yearling heifers steady to 3.00 higher in a light test.  Slaughter cows sold steady with good demand. Slaughter bulls sold steady with good demand.

Total supply included 09% slaughter cows, 01% slaughter bulls, 01% replacements and 89% feeders.  Feeder supply 48% steers, 14% bulls, 38% heifers with 54% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates