Market Update - May 13, 2013

Posted on May 13, 2013
The combination of the May corn and soybean CBOT contracts expiring tomorrow, tightness in old-crop supplies and a recovery from Friday’s losses is creating a strong rally in old-crop corn, soybean and soybean meal futures. This strength could dissipate soon as the May shorts are covered or when the May contract expires at noon Central tomorrow. Basis strength will have to do the “work” the next few weeks.

Traders are anxious to get USDA’s reading on corn planting progress this afternoon with most expecting about 30 percent complete.

Cattle futures are trading higher waiting to see how boxed beef trades this week after setting a new record high on Thursday. June Live Cattle is trading at a discount to the last cash trade of $126-127.

Outside markets are negative for commodities.

Corn May +25 713; Jly +20 656; Dec +9 538.4 Bean May +22 1510; Jly +12.5 1411.5; Nov +7 1212     Meal May +12 456; Jly +5 412; Oct +2 342     Oil +22 4945 Wheat May +3 700; Jly +12 716; Dec +11 741      KC +13 771; MGE +10 819 Oats May +20 429; Jly +3 381 Rice +21 1546

LC Jun +67 12112; Oct +55 12447; Dec +60 12627 FC May +37 13575; Aug +47 14710; Oct +37 15112 LH May -10 9190; Jun +87 9137; Oct +27 8087 Milk May -1 1854; Jun -28 1780 

US$ +.24% Dow -.2% SP unch NAS +.1% Tran -.2% VIX +.3% 12.63

WTI -.8% Brent -.9% Gas -1.1% NG +1.2% HO -.3% Eth +2%

Gold -.2% Slvr +.5%

5-yr +.01 0.82% 10yr +.02 1.92% 30yr +.02 3.12% 

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Tagged Post Topics Include: Economics, Market updates