Market Update - June 5, 2013

Posted on Jun 5, 2013
CBOT futures are mostly lower today except for the old-crop corn and soybean contracts.  New-crop is under pressure from expectations that good planting progress is occurring this week.  Wheat futures are down slightly with harvest pressure getting closer.

Cattle futures are trading lower as the bears are winning out today on a lack of cash cattle trade.  With the June futures contract several dollars/cwt discount to the cash market, traders are expecting cash to come down.

Lean Hog futures traded higher overnight but weakened heading into the opening bell of pit trade.  The June chart now has a potential bearish key reversal if the market closes lower today. Weakness in the cattle futures may be encouraging profit taking in LH futures.

U.S. financial markets are reacting to weakness in Europe and mixed economic reports at home.  The private ADP jobs report came in at 135,000 jobs compared to expectations of 165,000.  The government will have its jobs report out Friday.

Corn Jly +1 662; Sep -7 577; Dec -7.5 545.5 Bean Jly +12 1540; Sep -5 1355; Nov -13 1303 Meal Jly +7 459; Dec -5 384 Oil -13 4846 Wheat Jly -4 705; Dec -4 728; JLY’14 -6 759 KC -4 746; MGE -4 817 Oats +1 383 Rice +14 1566

LC Jun -70 12025; Oct -70 12275; Dec -67 12490 FC Aug -52 14505; Oct -40 14882; Jan -40 15015 LH Jun -30 9622; Jly -47 9427; Oct -42 8365 Milk Jun +5 1779; Jly +11 1811

US$ -.2% Dow -.9% SP -.9% NAS -.9% Tran -1.6% VIX +6.6% 17.34

WTI +1% Brent +.7% Gas +1.1% NG -.2% HO +.7% Eth -1.1%

Gold +.7% Slvr +.9%

5-yr -.05 1.01% 10yr -.06 2.09% 30yr -.05 3.27%

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Tagged Post Topics Include: Economics, Market updates