Midday in the Markets By Brian Beyer & Tyler Seeger Grains • Grain markets are mixed today as we continue to trade weather. Weekend rains and favorable temperatures continue to show no threats. • Grain inspections were mostly bearish, with corn at 8.9 million bushels, down from last week’s 16.3 million bushels. Soybeans were at 2.8 million bushels, down from the previous week of 3.7 million bushels. Wheat had the only bullish tone coming in strong at 23.1 million bushels, down slightly from last week’s 24.5 million bushels. • Rains were disappointing in the Western Corn belt, but cooler temps have trade unconcerned for now. Crop conditions are expected to decline 1-2 points again after last week’s high temps. Livestock • Lower corn markets and uncertain strength in the cash markets has cattle markets trading mixed today. The lower corn market is adding support, but packers are not showing much demand today. Appears packers will be more aggressive as the week continues with a routine Monday of show list distribution and inventory taking. • Hog markets are moving higher as trade moves to the side lines while it waits for the USDA’s Cold Storage Report that comes out this afternoon. Most plants are thought to be covered for slaughter needs this week. Margins continue to be negative and excess supplies remain an issue. • Live Cattle down 2, Feeder cattle up 70, Lean Hogs up 40. Financial • Existing home sales for the month of June fell 1.2%, slowing down as home prices firm and a little more supply enters the marketplace. The annual rate came in at 5.08 million, down from 5.14 million. Expectations were for 5.27 million. • The Chicago Fed National Activity Index reading for the month of June improved to an index level of -0.13, up from -0.29. Employment was a noted area of strength in the composite index, while the consumption & housing and the sales/orders/inventories components were negative factors. • U.S. stocks are working higher today as traders focus on earnings reports. More than 150 companies that comprise the S&P 500 report their earnings this week. • The Dow is up 24 points, the S&P is up 4 points, and the NASDAQ is up 10 points, while the U.S. dollar is sharply lower, off 0.44. Crude oil is down $0.80/barrel and gold is up $35.50/ounce. The Euro is higher and U.S. 10-year treasuries are down 0.008% to 2.477%.
Posted on: Mon, 22 Jul 2013 17:01:08 +0000
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