Market Update - January 7, 2013

Posted on Jan 7, 2013
 CBOT futures are narrowly mixed but well off their daily highs. Futures were stronger early today on talk that China was an active soybean buyer over the weekend following the last-half December sell-off in futures. The weakness of the US dollar was also supportive. Of note is Friday’s CFTC data that show the large spec funds have reduced their long CBOT positions substantially. This lessens the potential pressure from liquidation and also means they have money in the bank to establish new positions (either long or short)if the market gives them reason to do so. Friday’s USDA Final Crop Production Report and WASDE is the next important event to watch.

CME cattle futures are little changed. Plains cattle traded Friday at $128 – 128.50/cwt.

Lean Hog futures are trading mixed with nearby February a little firmer. The February contract remains at a premium to the cash hog market with traders expecting seasonal strength.

Corn Mar unch 680; Jly -1 673.5; Dec unch 572

Bean Mar +2 1369; Jly -1 1354; Nov -1 1276   Meal Mar unch 399; Oct unch 361   Oil +5 4995

Wheat Mar +1 748; Jly unch 763   KC unch 805; MGE unch 841

LC Feb unch 13295; Apr -22 13655; Oct -5 13495 FC Jan -12 15305; Apr -5 15782; Aug -10 16367

LH Feb +25 8647; Apr -5 8980; Jly +12 9847

Milk Jan -1 1802; Feb -5 1835

Oats -2 330

Rice -4 1524

US$ -.25%

Dow -.4%

SP -.4%

NAS -.1%

Tran -.6%

 VIX +2.6% 14.19

WTI +.1%

Brent -.1%

Gas +.3%

NG +1%

HO +.6%

Eth +.4%

Gold -.1%

Slvr +.6%

5-yr -.003 0.811% 10yr +.006 1.905% 30yr +.004 3.097%

Tagged Post Topics Include: Economics, Market updates