Market report Thursday May 9, 2013

Global markets are trading a little softer after the S&P 500 index reached record levels for 5 consecutive days.
 
The Canadian dollar is trading at parity in the early session
 
Crops:
Tomorrow marks the release of the monthly USDA estimates for world supply and demand for crops, as it will include the first full estimates for this year’s harvests. Corn, in particular, is seeing some negative momentum this morning on very thin volumes – in fact the first 6 trading days of May have marked the lowest volume in 6 years. According to Agrimoney.com, there is still optimism that US farmers will use the positive weather forecasted to play catch up in their planting.
 
Livestock:
Although US cash prices for live cattle are reported by DTN as being about $2/cwt lower than last week, futures are opening higher – possibly in expectation of a bearish USDA report for corn.
 
Disclaimer: This commentary is provided as information only and is not intended as advice