Market Update - April 30, 2013

Posted on Apr 30, 2013
Overnight CBOT futures added to gains posted Monday, but throughout this morning, corn and soybean futures have been moving lower. On the other hand, CBOT wheat surged to the day’s high following the Kansas City HRW contract higher. On could suspect that reports coming out of the KS Crop Tour are bullish. July Chicago Wheat could run to $7.40 chart resistance.

Corn futures ran into chart resistance and sold off – this should temper some of the bullishness from yesterday. New-crop corn is gaining on new soybeans due to the potential loss of corn acres.

Cattle futures are higher in a delayed response to Monday’s stronger boxed beef values and ideas cash cattle will trade higher. The April LC contract ends trading today in line with last Friday’s trade. June LC are at least a $5/cwt discount to where cash could trade this week.

May Lean Hogs are stronger on Monday’s higher pork trade.

An index of US consumer confidence jumped to 68.1 in April. Analysts polled by Reuters forecast that the consumer confidence index would rise to 60.8 from last month's 59.7.

Corn May unch 684; Jly -6 654; Dec +5 564 Bean May unch 1472; Jly -2 1406; Nov unch 1229 Meal May unch 431.5; Oct unch 347 Oil -12 4934 Wheat May +8 718; Jly +12 728 (high733);   KC Jly +15 791 (hi 795); MGE +9 828 Oats +1 392 Rice +9 1475

LC Apr +40 12810; Jun +35 12290; Dec unch 12807 FC May +62 14105; Aug +65 15052; Oct +32 15355 LH May +87 9017; Jly +35 9285; Oct +55 8235 Milk May +2 1864; Jun -7 1951

US$ -.5% Dow steady SP +.1% NAS +.4% Tran +.1%   VIX +.3% 13.75

WTI -1% Brent -1.3% Gas -1.2% NG -.4% HO -1.2% Eth -.2%

Gold unch Slvr unch

5-yr unch 0.67% 10yr unch 1.67% 30yr unch 2.88%

Blue Grass Stockyards Cattle Auction Report for 04/29/2013 Receipts:  1,125   Last Monday:  1,340   Year Ago:  904    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 4.00 higher with very good demand, over 600 lbs sold steady.  Mostly good quality calves.  Yearling steers and yearling heifers lightly tested.  Slaughter cows sold steady with good demand. Slaughter bulls sold steady with good demand.

   Total supply included 13% slaughter cows, 02% slaughter bulls, 01% replacements and 84% feeders.  Feeder supply 36% steers, 21% bulls, 43% heifers with 32% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates