Market Update - January 25, 2013

Posted on Jan 25, 2013
Corn and soybean futures are little changed as traders lack any substantial market news. Weather forecasts on Sunday evening when the markets reopen will be key to Monday’s price direction. Chicago Wheat was trading lower until the pit opened at 930 CT, but then rallied sharply. Better than expected export sales may be partly responsible.

A weak US dollar is broadly supportive. Note that US treasury rates popped higher today, a trend that started late Thursday.

February Live Cattle futures are up strongly on strength that started with news that packers had paid up for fed cattle. However, boxed beef values need to move higher for sustained market strength.

Corn Mar -4.5 720; Jly -3 712; Dec -1 584

Bean Mar -3 1432; Jly -5 1412; Nov -4 1301   Meal Mar -2 413; Oct -1 363    OIL -3 5208

Wheat Mar +6 775; Jly +5 787   KC +7 829;  MGE +9 864

LC Feb +82 12670; Oct -5 13202 FC Jan +40 14500; Apr +42 15160 LH Feb -25 8680; Jly -50 9690 Milk Jan -1 1811; Feb -5 1707

US$ -.2%

Dow +.3%

SP +.3%

NAS +.3%

Tran -.3%

VIX +1.3% 12.85

WTI -.2%

Gas +.3%

NG -.5%

HO -.7%

Eth -.2%

Gold -.5%

Slvr -1.2%

5-yr +.051 0.821% 10yr +.063 1.915% 30yr +.061 3.102% 

CHICKEN WINGS IN SEASON    Super Bowl weekend is unquestionably the biggest time of the year for wings. According to the National Chicken Council’s 2013 Wing Report, more than 1.23 billion wing portions will be consumed during Super Bowl weekend in 2013.  To put that into perspective, if 1.23 billion wing segments were laid end to end, they would stretch from Candlestick Park in San Francisco to M&T Bank Stadium in Baltimore… 27 times. 

View the National Chicken Council’s report at http://www.nationalchickencouncil.org/americans-to-eat-1-23-billion-chicken-wings-super-bowl-weekend/

Tagged Post Topics Include: Economics, Market updates