Market Update - April 17, 2013

Posted on Apr 17, 2013
Corn and soybean futures are little changed after much volatility on Monday and Tuesday. Wheat is rising on concerns for freeze damage this week and for bad planting conditions in spring wheat country.

A stronger US dollar and generally bearish outside markets are weighing on CBOT futures.

Live Cattle and Lean Hog futures are trading higher although there’s no specific news to report.

A Cattle on Feed report released on Friday is expected to show April 1st on-feed at 93.9% of a year earlier; placements in March are estimated to be 99.1% and marketings are estimated to be 93.5%.

The EIA reported U.S. crude oil production up 0.4 pct to 7.2 million barrels/day, the highest level since 1992. Gasoline consumption declined for the second week in a row.

Corn May -1 662; Jly unch 641; Dec +5 546 Bean May -1 1410; Jly -3 1372; Nov -4 1215 Meal May +3 405; Oct unch 339   Oil -11 4887 Wheat May +10 713; Jly +8 716   KC Jly +9 756; MGE +3 805 Oats unch 366 Rice -10 1550

LC Apr +77 12615; Jun +62 12107; Oct +50 12490 FC Apr -45 13650; May -5 14000; Aug unch 14647 LH May +70 8750; Jly +100 9030; Oct +90 8082 Milk Apr +2 1766; May +7 1908

US$ +.8% Dow -1% SP -1.5% NAS -1.8% Tran -1.8% VIX +23% 17.22

WTI -1.8% Brent -1.8% Gas -1.9% NG +1.2% HO -2% Eth +1.6%

Gold +.3% Slvr -.5%

5-yr -.02 0.69% 10yr -.03 1.69% 30yr -.04 2.87% Blue Grass Stockyards Cattle Report for 04/16/2013 Receipts:  1,567   Last Tuesday:  2,001   Year Ago:  1,531    Compared to Monday, steer and heifer calves sold mostly steady to 2.00 lower on 300-500 lbs in a light test with light demand.  Yearling steers steady to 2.00 lower in a limited comparison with moderate demand. Yearling heifers sold steady in a limited comparison with moderate demand.  Mostly average quality offering today.  Slaughter cows sold steady to 1.00 lower with moderate demand. Slaughter bulls sold steady moderate demand.

   Total supply included 06% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 93% feeders.  Feeder supply 52% steers, 12% bulls, 36% heifers with 68% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates