Market Update - May 5, 2014

Posted on May 5, 2014
Wheat futures are leading the futures markets higher on hot temperatures in the southern Plains and hot temperaments in the Ukraine.  All CBOT futures popped sharply higher in the first few minutes of trading Sunday night and then weakened overnight. The corn rally began when e-trade opened at 830 am, working to catch up with wheat. Soybean futures are under pressure in the old-crop due to expected imports from Brazil.  Chicago Wheat’s gains are about the same as KC and MGE today; speculators prefer the liquidity of CBOT.  The last CFTC report showed funds extending their longs in corn and wheat.

This afternoon’s wheat condition reports and corn planting progress will be closely examined.

Cattle futures are mostly higher but trading narrow ranges today that are in the bottom part of Friday’s wide trading range that came from the big losses.  Friday’s pressure resulted from disappointment that fed cattle only traded steady.  Choice beef is up 0.64/cwt.

Lean Hog futures are higher except for the nearby May LH contract. Midday pork is up 2.00/cwt so we might see LH improve into the close.

Corn Jly +9 503 (493-504); Dec +6 500 (492-500) Bean Jly -8 1473 (1472-90); Nov +5 1228 (1221-32) Meal Jly -1 479; Oct +2 393 Oil -29 4122 Wheat Jly +18 726 (715-32); KC +15 837; MGE +18 793 Oats +1 351 Rice +3 1552

LC Jun +25 13830; Oct +12 14185 FC May -40 18310; Aug +55 19087 LH May -47 11675; Jun +42 12265 Milk May +9 2284; Jun -9 2146

US$ -.1%

Dow unch Sp +.1% NAS +.1% Tran -.3% VIX +2.3%  13.21

WTI -.6% Brent -1.2% Gas -1.6% NG +.9% HO -1% Eth -2.5%

Gold +.5% Slvr +.3%

5-yr unch 1.68% 10yr +.01 2.60% 30yr +.03 3.40%

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Tagged Post Topics Include: Economics, Market updates