Market Update - August 9, 2013

Posted on Aug 9, 2013
CBOT futures traded higher overnight but have since sold off this morning and are trading at/near the trading day’s lows.  While corn and wheat are posting small losses (from Thursday close), soybean futures are about unchanged due probably to more concerns about old-crop supplies and the growing crop needing good weather to finish strong.

Traders are positioning ahead of Monday morning’s key Crop Production report at 11 am CDT.  Are you ready?

Cattle futures are trading lower as the initial bullishness from the Tyson-Zilmax announcement fades.  So far, no other packers have joined Tyson and Merck Animal Health says its Zilmax data does not support Tyson’s claims.

Lean Hog futures are down slightly with the October contract’s price in the middle of the recent trading range ($83-87).  Yesterday, the Fob Plant Cutout value fell .64 to 104.37 due to a sharp drop in belly and picnic values.

Corn Sep -3 470; Dec -4 456 (456-463); Jly -3 484

Bean Sep -4 1223; Nov -1 1183 (1180-1194) Meal Sep -3 390; Dec -1 356 Oil unch 4175

Wheat Sep -4 637; Dec -4 650; JLY -4 664 KC -3 699; MGE +1 734

Oats -2 360

Rice -7 1521

LC Aug -30 12237; Oct -45 12662; Feb -12 13017 FC Aug -75 15350; Oct -72 15980; Jan -82 15905 LH Aug -10 10052; Oct -42 8482; Dec -30 8185 Milk Aug +3 1819; Sep +29 1867

US$ +.1%

Dow -.7% SP -.4% NAS -.2% Tran -.5% VIX +4.2% 13.27

WTI +1.7% Brent +.5% Gas +.7% NG +.6% HO +.2% Eth -1.1%

Gold +.4% Slvr +1.4%

5-yr steady 1.37% 10yr +.01 2.60% 30yr +.01 3.66%

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Tagged Post Topics Include: Economics, Market updates