Market Update - May 11, 2015

Posted on May 11, 2015
CBOT futures are trading little changed as traders prepare for tomorrow’s USDA supply-demand report as well as this afternoon’s crop progress/condition report. Outside markets are somewhat negative with a stronger US dollar and weaker energy futures. Soybean futures charts have wedge formations so price should break out soon - up or down.

Cattle futures are higher at midday but well off the day’s highs. Most contracts hit new highs for the current move. Support is coming from stronger boxed beef values. Choice is up 1.00 at 259.12 and Select is up 1.53 at 248.35. Last week’s cash trade was light with Kansas reported at $161, up $1/cwt.

Lean hog futures are mostly lower. Markets opened on the day’s highs and headed lower on profit-taking following Friday’s advances. A strong pork market should limit losses. FOB Plant Pork is up 1.25 at 80.82 with loin gain offset by lower belly value.

Corn Jly -2 361; Dec -2 376 Bean Jly +1 977; Nov +1 953 Meal -2 312 Oil +32 3328 Wheat Jly -2 480 (476-84) KC -1 507; MGE -5 536 Oats -1 239 Rice -3 970

LC Jun +60 15210; Oct +52 15172 FC May +117 21705; Aug +55 21817 LH May +15 8100; Jun -55 8427 Milk May -2 1636; Jun +2 1738

 

US$ +.3% Dow -.3% SP -.2% NAS +.1% Tran +.1% VIX +3.6% 13.32

WTI -.5% Brent -1% Gas -.7% NG -.9% HO -.4% Eth -.2% Gold -.6% Slvr -1.2%

5-yr +.062 1.555% 10yr +.079 2.229% 30yr +.089 2.990%

 

Tagged Post Topics Include: Economics, Market updates