Market Update - July 17, 2013

Posted on Jul 17, 2013
After trading higher overnight, CBOT Corn and Soybean futures are now showing losses.   Expect prices to be on a rollercoaster as various weather companies update their 2-week forecasts.  Nearby hot temperatures should give way to rain chances and cooler weather by Saturday.

Cattle futures traded higher overnight but turned decidedly lower after the pit-trade opened at 9 am. AUGUST LC is now trading toward the bottom of the 3+ week sideways trading range.

Lean Hog futures followed a similar pattern as cattle futures and are now on the weaker side. Tuesday’s lower cash markets may be keeping buyers cautious today.

Bernanke’s testimony before Congress didn’t surprise the market as he promised “highly accommodative monetary policy” for the “foreseeable future.”  Stocks and Treasuries rallied on the “good news”(?).  Bernanke doesn’t want to scare the market like he did earlier this month, resulting in rising interest rates.

Corn Sep -4 541; Dec -6.5 504; Dec’14 -4 528 Bean Aug unch 1475; Sep -5 1331; Nov -3 1283 Meal Aug +2 469; Dec -1 388 Oil -12 4559

Wheat Sep unch 669; Dec unch 682; Jly +1 701 KC +2 706; MGE +2 761

Oats +1 355

Rice +5 1531

LC Aug -45 12167; Dec -42 12827 FC Aug -67 15187; Oct -80 15630; Jan -50 15830 LH Aug -42 9587; Dec -25 8225 Milk Jly unch 1738; Aug -13 1795

US$ +.4%

Dow unch SP +.2% NAS +.2% Tran +.4%

VIX -2.4% 14.08

WTI +.1% Brent +.3% Gas -.1% NG -1.3% HO +.7% Eth -1.5%

Gold -.7% Slvr -1.6%

5-yr -.08 1.30% 10yr -.07 2.47% (vs recent high of 2.76%) 30yr -.04 3.55%

 

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Tagged Post Topics Include: Economics, Market updates