Market Update - February 8, 2013

Posted on Feb 8, 2013
CBOT futures were showing profit-taking and/or position evening ahead of the USDA reports at noon with Corn and Wheat rising and Soybeans mostly lower.

CBOT futures are finishing out the day responding to these WASDE results. So far, there’s no major reaction to the WASDE report. Wheat’s rally is gaining some strength. 

U.S. Ending Stocks for 2012/13

Crop

USDA today

Avg Guess USDA last month
Corn

632

616 602
Soybean

125

130 135
Wheat

691

717 716
 Corn exports were cut 50 million bushels to 900 million. Soybean Crush increased 10 million bushels to 1.615 billion. Wheat Feed & Residual increased 25 million bushels 1.400 billion.

Argentina and Brazil’s corn and soybean production estimates moved in the direction expected. However, both corn and soybean estimates are above the average trade guess.

Cattle futures remain under pressure from demand concerns. 

Corn Mar +6 716.5; JLy +3 705; Dec +3 570

Bean Mar -7 1479; Jly -10 1452; Nov -13 1311   Meal Mar -3 435; Oct -5 368   Oil -12 5173

Wheat Mar +13 770; Jly +9 772   KC +13 814; MGE +13 852

LC Feb -55 12700; Jun -60 12642; Oct -102 13087 FC Mar -110 14610; Apr -120 14937; Aug -147 15747 LH Feb unch 8697; Apr -27 8625; Jly -2 9437 Milk Feb +5 1727; Mar +1 1740

Oats +6 388

Rice +11 1623

US$ steady

Dow +.3% SP +.5% NAS +.9% Tran +.3%   VIX -4% 12.95

WTI +.3% Brent +1.4% Gas +1.8% NG -.1% HO +1.5% Eth +.4%

Gold -.2% Slvr +.3%

5-yr -.008 0.846% 10yr -.008 1.968% 30yr -.008 3.177%

KENTUCKY CASH GRAIN BIDS – Click Here

USDA 10-YEAR PROJECTIONS      The Agriculture Department will release new 10-year agricultural projections on Monday at 11 a.m. EST. USDA’s Agricultural Projections through 2022 will be posted to the Office of the Chief Economist’s website at www.usda.gov/oceand will be available in MS Word and PDF formats.

Tagged Post Topics Include: Economics, Market updates