Market Update - July 1, 2013

Posted on Jul 1, 2013
Bull-spreading (buy nearby/sell deferred contracts) continues in the CBOT Corn and Soybean pits as old-crop supplies will be tight until harvest when the U.S. is expected to have huge crops resulting in plentiful 2013/14 carryout stocks. Friday’s USDA report surprised the trade with much higher-than-expected planted acres – the most since 1936.

Cattle futures are trading higher with Live Cattle reacting to last week’s near steady cash markets and rising equity markets suggesting better consumer demand is possible.  Feeder futures get extra boost from falling new-crop corn futures.

Lean Hog futures are mixed with the nearby July contract under pressure from Friday’s USDA report showing more heavy-weight market hogs. Corn Jly +10 689; Sep -5.5 542; Dec -6 505 (503-508)

Bean Jly +14 1579; Aug +9 1440; Nov -5 1247 Meal Jly unch 490; Dec -5 369 Oil +27 4669

Wheat Jly -1 647; Dec -2 670; Jly’14 -1 697 KC +3 679;  MGE +6 791

Oats +3 404

Rice -5 1569

LC Aug +70 12272; Dec +50 12830

FC Aug +142 15087; Jan +120 15617

LH Jly -10 10117; Oct +37 8617

Milk Jly +25 1713; Aug +12 1789

US$ -.2%

Dow +1.1%

SP +1.2%

NAS +1.5%

Tran +1.8%

VIX -4.9% 16.04

WTI +1%

Brent +.5%

Gas +.6%

NG -.3%

HO +.3%

Eth -.4%

Gold +2.7%

Slvr +1.1%

5-yr -.01 1.39% 10yr unch 2.49% 30yr -.01 3.49%

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Tagged Post Topics Include: Economics, Market updates