Market Update - May 6, 2013

Posted on May 6, 2013
Today’s price action is primarily due to forecasts for better planting conditions than traders expected going home Friday. Recent rains also improve the prospects for the crop once it emerges.

Cattle futures are higher in response to Friday’s record high beef cutout value. Futures had dropped Friday on a profit-taking sell-off.

Lean Hog futures are trading mixed. The deferred contracts are weighed by the falling CBOT which could promote more pork production down the road.

Corn Jly -26 635; Sep -22 557; Dec -18 535 Bean jly -16 1371; Sep -13 1252; Nov -12 1209   Meal Jly -6 401; Oct -4 341   Oil -22 4905  Wheat Jly -20 701; Dec -19 726   KC -20 758; MGE -14 805 Oats -8 380 Rice +7 1543

LC Jun +42 12225; Aug +35 12232; Dec +5 12695 FC May +50 13927; Aug +90 14840; Oct +35 15160 LH May +5 9145; Jly -12 9217; Oct -50 8157 Milk May -4 1866; Jun -12 1879

 US$ +.3% Dow unch SP +.2% NAS +.3% Tran +1.3%    VIX +.7% 12.94

WTI +.4% Brent +1% Gas +1% NG -.9% HO +.9% Eth -1.8%

Gold +.2% Slvr -.5%

5-yr +.01 0.73% 10yr +.01 1.75% 30yr unch 2.95%

Tagged Post Topics Include: Economics, Market updates