Market Update - April 21, 2014

Posted on Apr 21, 2014
Good weekend corn planting progress and rains in the Plains are weighing on futures. Soybeans were higher Sunday night but weakened overnight until 830 am trading began with a sharp drop that continues to grow deeper, as does the losses in the corn and wheat pits.

Note the May Corn broke below the 4.95 support and now projects to about 4.75.  November Soybean has fallen back to last week’s low set Monday. July CBOT Wheat is about 7 cents shy of breaking key chart support at 6.63 ¾.

Friday’s CFTC report for the week ending April 12 showed the large funds had reduced their Corn Long by about 7 percent and wheat long by 12 percent.

CME cattle futures are trading lower as last week’s cash trade was reported at $1-2/cwt lower.  The Live Cattle charts are looking a bit negative as we’re seeing lower lows and lower highs. The good news is that at midday, Choice beef is up 1.69 to 228.04/cwt and Select is up 1.87 to 217.10.

Lean Hog futures are trading lower, erasing much of last Thursday’s gains.  Pork values were up strongly on Friday.  The short-term trend still appears UP and traders are looking for signs of supplies tightening.

Corn May -9 486; Jly -9 491; Dec -9 487 Bean May -25 1488; Jly -26 1476; Nov -25 1214 (1211-43) Meal may -6 482; Oct -8 380 Oil -66 4275 Wheat May -28 663; Jly -28 671 (670-98) KC -28 737; MGE -26 714 Oats -8 396 Rice -26 1510

LC Apr -152 14267; Jun -32 13405; Oct -47 13690 FC May -57 17747; Aug -55 18085 LH May -140 12210; Jun -100 12382; Oct -22 9907 Milk May +6 2220; Jun -7 2030

US$ +.2%

Dow +.2% SP +.2% NAS +.4% Tran +.4% VIX +.1% 13.37

WTI +.2% Brent +.2% Gas +.8% NG -.4% HO +.2% Eth +.6%

Gold -.6% Slvr -1.2%

5-yr -.02 1.71% 10yr -.02 2.695% 30yr -.02 3.49%

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Tagged Post Topics Include: Economics, Market updates