Market Update - January 28, 2013

Posted on Jan 28, 2013
CBOT futures are trading mixed. Corn and soybean futures are keying off improved rain prospects in Argentina that may be followed by drier conditions. Corn is closer to the day’s highs while soybeans have weakened and are closer to the lows. Just not much to move the markets in a big way.

Cattle futures are sharply higher following Friday’s USDA Cattle on Feed report showed fewer cattle on feed than expected. Lean Hog futures are probably getting some support from the cattle pit.

Interest rates are rising again today as the Durable Goods Orders report was better than expected. The FOMC is meeting this week and traders will watch for their statement Wednesday afternoon.

Corn Mar +4 724.5; Jly +3.5 716; Dec +3.5 588

Bean Mar -2 1439; Jly -3 1415; Nov +1 1304 Meal Mar unch 417; Oct unch 364   Oil -28 5182

Wheat Mar +1 778; Jly +3 791   KC +2 832; MGE +2 867

LC Feb +242 12872; Apr +260 13335; Oct +162 13315 FC Jan +117 14587; Apr +235 15350; Aug +225 16182 LH Feb +45 8727; Apr +35 8927; Jly +50 9757 Milk Jan +2 1814; Feb -2 1700

Oats -5 358 Rice -5 1543

US$ unch

Dow unch SP steady NAS +.3% Tran +.1% VIX +5.1%  13.55

WTI +.4% Brent steady Gas +2.3% NG -3.5% HO -.1% Eth +.9%

Gold -.1% Slvr -.8%

5-yr +.038 0.890% 10yr +.037 1.993% 30yr +.031 3.166% 

The January 2013 edition of the Economic and Policy Update from the Department of Agricultural Economics at UK has been released.  This edition includes an update of the Farm Bill debate/extension (Aleta Botts), results from a study assessing the impacts of the KyFarmStart (beginning farmers) program (Lee Meyer and Jennifer Hunter), an examination of some recent changes in filing 2012 tax returns (Jerry Pierce), and a survey summary of Kentucky food banks (Tim Woods and Miranda Hileman). http://www.ca.uky.edu/agecon/index.php?p=209

Tagged Post Topics Include: Economics, Market updates