Market report for Tuesday April 30, 2013

Markets are largely unchanged overnight. Canadian GDP was released this morning and showed a month-over-month increase of .3% - in line with expectations.
 
Crops:
Follow through buying of corn by speculators this morning after yesterday afternoon’s USDA crop progress report release showed that  only 5% of the expected US corn crop had been planted versus a five year average of 31%. Bloomberg Financial is reporting that it is the slowest start to the season since 1984. Agrimoney.com is asserting that investors should not be induced to think that this is a situation without recovery, as current planting technology has shown that 50% of the crop can be planted in one week – as 2001 data in Indiana indicate. Also, the rain in the US Midwest has vastly improved soil moisture conditions, according to Benson Quinn Commodities. FCStone is quoted as saying that there will be no definitive answer for the long term effects of US spring weather on the US corn crop plantings for at least 2 weeks.
 
Livestock:
Livestock futures cautiously open with strength as the US National Agricultural Statistics Service data for March released yesterday showed a 6.1% decrease in slaughter and a 5.6% decrease in production for beef cattle and a 2.1% decrease in hog slaughter and a 2.8% decrease in hog production.
 
Disclaimer: This commentary is provided for information only and is not intended as advice