Market Update - February 7, 2013

Posted on Feb 7, 2013
CBOT futures are lower as traders move cautiously ahead of tomorrow’s USDA WASDE report that will update “official” projections for South American crops and ending stocks levels for 2012/13. A stronger US dollar will depress US exports. The negative CBO projections may also be weighing on the market as new-crop price decreases are more severe than old-crop. March Corn is trading below the previous low that offered chart support; this makes 5 straight days of lower prices.

Cattle futures are mostly lower again today. Demand concerns and a strong dollar are negative factors. In the fed cattle market, buyers and sellers are $4/cwt apart.

The Climate Prediction Center says that El Nino/La Nina condition will remain neutral into spring.

Corn Mar -9 713; JLy -10 705; Dec -10.5 568

Bean Mar -1 1486; Jly -6 1462; Nov -15 1321   Meal Mar steady 437; Oct -4 373   Oil -47 5198

Wheat Mar -7 755; Jly -9 763; Dec -11 771   KC -7 803; MGE -3 842

LC Feb +17 12742; Apr -10 13135; Oct -30 13190 FC Mar -42 14712; Apr -60 15032; Aug -52 15890 LH Feb +17 8707; Apr -12 8612; Jly -50 9470 Milk Feb -2 1724; Mar +7 1745

Oats -4 374

Rice +3 1623

US$ +.5%

Dow -.8% SP -.7% NAS -.8% Tran -.2%   VIX +6.2% 14.24

WTI -.6% Brent +.3% Gas -.8% NG -2.5% HO +.6% Eth -.1%

Gold +.1% Slvr -.5%

5-yr +.012 0.825% 10yr +.016 1.947% 30yr +.013 3.158%

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Tagged Post Topics Include: Economics, Market updates