Market report Monday April 29 2013

Global markets are trading higher this morning in expectation of the European central bank to move interest rates lower when they meet this Thursday.
 
Positive market momentum has inspired investors to move toward riskier assets, and away from assets with less risk – such as the US dollar. As the US dollar has retreated, the Canadian dollar has gained ground and is now trading at $.99
 
Crops:
Corn is enjoying the benefits of a softer US dollar (commodities are priced in US dollars – as the US dollar gets lower, commodities become more attractive to buyers) as well as wetter and colder than seasonal temperatures in the US planting areas. Soybeans are marginally higher – with the belief that some US corn acres will convert to soybeans as the planting season potentially moves later.
 
Statistics Canada released its data on planting intentions for crops planted this year:
Canada-wide: (% change from 2012 in brackets)
Winter wheat (planted last fall): 2.1 million acres (+2.4%)
Canola: 19.1M acres (-11.1%)
Barley: 7.2M acres (-2.2%)
Oats: 3.4M acres (+18.4%)
Soybeans: 4.3M acres (+3.4%)
Corn: 3.8M acres (+7.6%)
 
Source: Statistics Canada, from survey of 13,805 farmers conducted March 25 to April 3.
 
Livestock:
In the early session, very light price action with sellers only at this point.
 
Disclaimer: This commentary is provided form information only and is not intended as advice