Market report for Monday June 10, 2013

Country of Origin Labelling (COOL)
On Friday the Canadian government released a list of U.S. commodities for potential retaliation as part of the ongoing dispute over U.S. rules for country of origin labeling of meats. Here is the link to the Statement by Ministers Fast and Ritz on U.S. Country of Origin Labelling <http://www.international.gc.ca/media_commerce/comm/news-communiques/2013/06/07a.aspx?lang=eng>  and the list of U.S. commodities for potential retaliation. (control +click on above title)
 
Crops on Friday compared to the previous Friday
Old crop corn closed at $6.6625 up 4.25 cents and New crop corn closed at $5.5850 down 8.75 cents; Old crop soybeans closed at $15.2825 up 18.25 cents and new crop closed at $13.3025 up 26 cents; wheat closed at $6.9625 down 9.25 cents.
 
This morning old crop corn was down 7 cents, new crop corn down 8 cents, old crop soybeans down 15 cents, new crop soybeans down 9 cents and wheat down 5 cents as traders appear to be cautious as improvements are expected in the weather. Later today the crop progress report will be released with the expectation that corn will be 95% completed and soybeans 70% completed.
 
On Wednesday (Noon ET), the USDA will release the forecasts for US grain and livestock production for the remainder of this marketing year and provide a new indication of the supplies in the upcoming year. For analysis of the pre-report expectations, check out the Daily Livestock Report for June 10, 2013 <http://www.dailylivestockreport.com> .
 
Disclaimer: This commentary is provided for information only and is not intended as advice