Market Update - May 20, 2013

Posted on May 20, 2013
The CBOT board is all RED except for old-crop soybean and soybean meal futures where tight old-crop supplies keep sellers at bay.

July Corn futures traded higher overnight but sold off this morning before the pit-trade started. The July was turned back at last week’s high set on Monday at $6.61. Corn may have sold off because traders are convinced this afternoon’s corn planting progress rate will be very good.

July Soybean futures made a new high for the current move but came up short of the March high near 14.63; there’s added resistance at $14.835 – the February high and the highest July futures price for the 2012-13 marketing year.

Wheat futures are lower and at/near the day’s lows. Weakness in corn futures, moisture in wheat country, and an approaching harvest may be contributing to the lower prices.  Funds are short CBOT Wheat, so the downtrend is their friend.

Cattle futures are trading mostly lower except for JUNE Live Cattle which remains at $5-6/cwt discount to the latest cash trade.  Deferred futures may be pressured by the high placement number in Friday’s Cattle on Feed Report.  Choice Boxed Beef set a new record high Friday.

Lean Hog futures are trading higher, bouncing back from Friday’s lower market (and extremely wide trading ranges). Traders have been optimistic about the hog and pork markets.

Since early this morning, the crude oil market has went from losses to gains, and silver has recovered from a huge loss.

 

Corn Jly -7 646; Sep -5 551; Dec -3 517 Bean Jly +3 1451; Sep -8 1282; Nov -13 1215 Meal Jly +3 428; Oct -5 344 OIL -21 4931 Wheat Jly -6 677; Dec -7.5 700 KC -3 734; MGE -1 803 Oats -14 362 Rice +12 1536

LC Jun +52 11992; Oct +2 12200; Dec -10 12342 FC May -115 13275; Aug -20 14317; Oct -22 14757 LH Jun +80 9232; Aug +52 9067; Oct +102 8132 Milk May -1 1851; Jun -5 1831

US$ -.3% Dow +.1% SP +.2% NAS +.2% Tran -.1% VIX +3.3% 12.86

WTI +.8% Brent +.1% Gas +.2% NG +2% HO +.6% Eth -.1%

Gold steady Silver -1.1%

5-yr unch 0.83% 10yr +.01 1.96% 30yr -.01 3.16% 

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Tagged Post Topics Include: Economics, Market updates