Market report for Friday May 10 2013

Global markets are trading higher this morning as a meeting of G7 finance ministers is expected to signal continued global monetary stimulus.
 
The US and Canadian dollars are stronger this morning. The Canadian dollar is showing strength after a jobs report that showed an increase in April jobs.
 
Crops:
Crop futures are mixed before today’s release of the monthly USDA World Agricultural Supply and Demand Estimate (WASDE) and US Production Reports at noon. Pre-report talk on twitter/ag. News is centred around an expectation that corn ending stocks will be raised as feed demand – particularly from the US poultry sector – declines. Corn yields, according to an analyst at Allendale, will need to be below 156 bushels per acre to move new crop corn futures higher. For soybeans – where current supplies are reported to be extremely tight – Roose US commodities is looking for forecast demand to increase over last month. Agrimoney.com is expecting US hard red winter wheat supplies to be 22% lower year-over-year.
 
Livestock:
Livestock prices are solidly in the red across the board, despite record wholesale prices in US beef cattle, according to Reuters.
 
Disclaimer: This commentary is provided for information only and is not intended as advice.