Market Update - April 8, 2013

Posted on Apr 8, 2013
Wheat futures are leading the grain markets today as it appears China has bought a good quantity of US wheat and freezing temperatures this week in the Plains may damage the crop.  Strength in soybean oil is lifting old-crop soybean futures. Palm oil prices are higher.

Traders attention is focused on guessing what USDA will put in the WASDE Report on Wednesday as it updates 2012/13 carryout estimates.  CBOT FUTURES CLOSE AT 1:15 PM CDT TODAY – see end of message.

Cattle futures are little changed but well off the early highs. Traders will watch the boxed beef values for indications the consumer is buying more beef.   The BEEF Cattle Market Weekly reported “Feeder and stocker cattle traded $3-$10/cwt. higher at auction last week. Flyweights crossing the scale at less than 450 lbs. sold as much as $15/cwt. higher. The CME Feeder Cattle Index jumped $4.15 week-to-week.”

Lean hog futures are higher after suffering large losses on Friday. Cash price trends will direct futures trade.

Corn May +2 631; Jly +.5 618; Dec -5 530 Bean May +10 1372; Jly +8 1351; Nov unch 1228 Meal May unch 392; Oct -2 342   Oil +55 4938 Wheat May +14 713; Jly +13 717 Oats +6 366 Rice -4 1545

LC Apr -2 12600; Jun +17 12167; Oct +5 12675 FC Apr +22 14280; May +50 14480; Aug +27 15147 LH Apr +62 8065; Jun +57 9027; Oct +35 8170 Milk Apr +11 1763; May +36 1870 

US$ +.15% Dow -.4% SP -.2% NAS -.2% Tran steady   VIX -.5% 13.85

WTI +.1% Brent -.3% Gas +1.4% NG -.8% HO +.8% Eth +.6%

Gold -.2% Slvr -.2%

5-yr -.01 0.68% 10yr unch 1.71% 30yr +.01 2.88% New CBOT Hours in effect now!    CBOT trading starts Sunday through Thursday evenings at 7:00 PM CDT, then halts for 45 minutes at 7:45 AM CDT.  Both the pit and electronic trading open at 8:30 AM CDT and then both will close at 1:15 PM CDT (instead of 2 pm). This is a reduction in trading hours from 21 hours to 17.5 hours.

Tagged Post Topics Include: Economics, Market updates