Market Update - April 26, 2013

Posted on Apr 26, 2013
CBOT futures are trading mixed with the only strength in old-crop soy complex futures tied to ongoing tight supplies both domestically and in China amid Brazil’s slow export shipment pace. Otherwise, there’s little news to drive CBOT futures.  The US dollar is weaker, but energy and equity prices are lower. Extended weather forecasts are being studied closely. Monday’s corn planting progress estimate may be slowest on record for that date.

Cattle futures are little changed as traders wait to hear the price that feedlots sell cattle for this week. Expectations are for an increase from last week. Feeder Cattle futures have a had a positive week and are now taking a breather while beef demand and CBOT pricing becomes more clear.

Lean Hog futures are up slightly on Thursday’s strong cash hog and pork markets and optimism it will continue.

The first quarter GDP came in at +2.5% compared to +3% expectations. Consumer Sentiment (Reuters/Univ of MI) for April is 76.4, down from 78.6 in March; but this topped expectations of 73.2.

Corn May -1 644; Jly -4 620; Dec -6 525 Bean May +2 1424; Jly +5 1377; Nov -4 1202  Meal May +1 416;  Oct -1336   Oil -12 4965 Wheat May -6 695; Jly -6 698  KC Jly -5 756; MGE -1 807 Oats -4 390 Rice -13 1472

LC Apr -20 12740; Jun -12 12277; Oct -32 12665 FC May -25 14195; Aug -62 15152; Oct -75 15490 LH May +32 8930; Jly +65 9267; Oct +55 8175 Milk May +5 1870; Jun +7 1910 

US$ -.35% Dow unch SP -.4% NAS -.6% Tran -.3%   VIX +3.7% 14.13

WTI -1.3% Brent -.7% Gas -.2% NG -1.8% HO -.1% Eth +.1%

Gold -.4% Slvr -1.7%

5-yr -.03 0.68% 10yr -.04 1.67% 30yr -.04 2.87%

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Tagged Post Topics Include: Economics, Market updates