Market Update - May 18, 2015

Posted on May 18, 2015
CBOT futures are nearly all higher lead by sharp advances in wheat caused by short-covering and new buying related to unfavorable weather. The southern Plains have gone from drought to excessive wetness in areas which may degrade the quality of the upcoming harvest. The Dakotas are threatened by frost or freeze. The large spec funds have lost 60-70 cents/bushel on paper the past 10 trading days. While corn futures are tagging along with wheat, soybean futures are near unchanged despite last week’s very strong NOPA Crush report. Strength in soybean meal is offset slightly by lower soybean oil futures.

Cattle and hog futures are lower in follow-through selling to last week’s weak trade. A stronger US Dollar weighs on prices. At midday, pork values are higher. FOB Plant Pork is up .68 at 84.16. Boxed beef hasn’t been reported.

The SP500 and Dow hit new record highs today. Treasury yields are also higher.

WTO rules against U.S.’ country of origin labeling (COOL) requirements

Corn Jly +3 369; Dec +4 386 Bean Jly unch 954; Nov unch 934 Meal +3 306 Oil -16 3291 Wheat Jly +12 523 (508-30); Dec +12 544 KC +15 556; MGE +12 573 Oats +6 254 Rice +16 974

LC Jun -130 15122; Oct -72 15095 FC May -7 21892; Aug -185 21655 LH Jun -107 8227; Oct -7 7357 Milk Jun +1 1658; Jly +10 1680

 

US$ +.7% Dow +.1% SP +.2% NAS +.3% Tran +.2% VIX +3.1% 12.78

WTI -.6% Brent -.9% Gas -.7% NG -.5% HO -.7% Eth +1% Gold +.1% Slvr +.8%

5-yr +.056 1.518% 10yr +.079 2.220% 30yr +.096 2.019%

Tagged Post Topics Include: Economics, Market updates