Market Update - April 23, 2013

Posted on Apr 23, 2013
With the exception of the nearby Soybean and Soybean Meal futures contracts, the CBOT is trading moderately lower under pressure from a stronger US dollar and general commodity futures selling. Cash soybeans are needed to meet the strong demand for soybean meal. New crop futures are weakened by much improved soil moisture conditions in much of the Corn Belt and warmer/drier forecasts that could get planters rolling next week.

Cattle futures are higher on ideas that the improving forecasts could finally stimulate some grilling demand. Feeder futures benefit from the lower CBOT. Boxed beef values improved Monday.

Lean Hog futures may also be hoping for a pick-up in consumer demand.

U.S. equities are stronger today following a strong new home sales report, positive corporate earnings reports and 2-3.5 pct gains in European stock indexes. Traders are ignoring China’s PMI which hit a 2-month low of 50.5 compared to expectations of 51.5.

Corn May -4 641; Jly -4 619; Dec -9 524 Bean May +12 1429; Jly +3 1367; Nov -1 1201   Meal May +5 415; Oct -1 336.5   Oil +2 4864 Wheat May -5 697; Jly -6.5 696 KC Jly -2 741; MGE +2 805 Oats -2 390 Rice -11 1499

LC Apr +37 12635; Jun +42 12125; Oct +37 12502 FC Apr +22 13385; May +132 13992; Aug +215 14812 LH May +32 8790; Jly +62 9025; Oct +42 8052 Milk Apr +1 1763; May -22 1870

 US$ +.35% Dow +1% SP +1% NAS +1.2% Tran +.8%   VIX -5.5% 13.59

WTI unch Brent -.3% Gas -1.1% NG +.9% HO +.1% Eth -1.4%

Gold -.5% Slvr -1.7%

5-yr unch 0.69% 10yr unch 1.70% 30yr +.01 2.89%

 Blue Grass Stockyards Cattle Auction Report for 04/22/2013 Receipts:  1,340   Last Monday:  1,868   Year Ago:  1,050    Compared to last week, steer calves sold steady to firm with moderate demand.  Heifer calves under 500 lbs sold 7.00 to 10.00 higher with very good demand and active farmer participation, over 500 lbs sold steady to firm with moderate to good demand.  Yearling steers sold steady with light to moderate demand.  Yearling heifers untested.  Slaughter cows and slaughter bulls sold steady to 1.00 higher with moderate demand.  Quality average to good.    Total supply included 12% slaughter cows, 01% slaughter bulls, 02% replacements and 85% feeders.  Feeder supply 35% steers, 27% bulls, 38% heifers with 49% of feeders weighing over 600 lbs. 

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Tagged Post Topics Include: Economics, Market updates