Market Update - May 7, 2013 - Kentucky Farm Bureau

Market Update - May 7, 2013

Posted on May 7, 2013
CBOT futures trade has been volatile this morning with corn and wheat prices trading near the day’s lows, as are new-crop soybeans. The only strength at the CBOT is in old crop soybean and soymeal futures. Traders will watch midday weather forecasts for signs that Monday’s warmer, drier forecasts still hold true.

Weak energy and metal futures are negative outside market influences. The US dollar is steady.

Cattle futures are lower in follow-through weakness to Monday’s sharp market drop.

Lean Hog futures are little changed and have traded narrow ranges. Traders need to see where the beef and pork wholesale markets go.

Treasury yields keep edging higher as the Dow Jones and SP500 hit new record highs.

Corn Jly +1 638; Sep -3 556.5; Dec -6 532.5 Bean Jly +8 1377; Sep +3 1253; Nov unch 1207    Meal Jly +3 404; Oct unch 340    Oil +4 4880 Wheat Jly -3 699; Dec -3 725    KC -4 753; MGE -3 803 Oats -3 376 Rice -5 1546

LC Jun -7 12122; Oct -40 12412; Dec -45 12550 FC May -122 13717; Aug -72 14672; Oct -95 14980 LH May -10 9095; Jly -12 9112; Oct -5 8080 Milk May +9 1877; Jun +10 1896

US$ steady Dow +.3% SP +.2% NAS steady Tran +1.1%    VIX +.5% 12.73

WTI -.6% Brent -.3% Gas -.8% NG -1.7% HO +.6% Eth +1%

Gold -1.5% Slvr -1.1%

5-yr +.01 0.75% 10yr +.02 1.78% 30yr +.02 2.99%

Chart of Corn Planting Progress available at CME Group       http://www.dailylivestockreport.com/documents/dlr%2005-07-13.pdf

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates


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