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Thursday, May 9, 2013
Exchange Notice: Margin Rates
DTN Morning Comments on Grains
Grains Quietly Higher Early Thursday
Corn futures are higher, soybeans higher, and wheat higher at 6 a.m. CDT. 
By Darin Newsom DTN Senior Analyst
6:00 a.m. CME Globex: Corn 1/2 cent higher (July), soybeans 4 cents higher (July), and wheat 1 cent higher (July).
CME Globex Recap: Grains posted narrow trading ranges during the overnight session with corn holding within four cents, wheat six cents, and soybeans eight cents. Trade was quiet, with little news to spark trading interest ahead of Friday’s USDA reports. Outside commodities were mostly lower, with pressure also seen in the U.S. dollar index and Dow Jones Industrial Average futures.
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http://sweetfutures.com/2013/dtn-morning-comments-on-grains-12/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
DTN Morning Comments on Livestock
Meat Contracts Staged for Mixed Opening
Cattle pits should start out with uneven price action as traders jockey ahead of more cash news. Lean hog futures are also pegged to open in a fairly narrow range, stretching from slightly higher to modestly lower.By John Harrington DTN Livestock Analyst
Cattle: Cash-$2 LR Futures: mixed Live Equiv $139.60 +$1.42* Hogs: Cash 0.50-$1 HR Futures: mixed Lean $ 94.86 – 0.20** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue
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http://sweetfutures.com/2013/dtn-morning-comments/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
DTN Morning Comments on Cotton
Cotton Futures Trade Lower
Net U.S. all-cotton weekly export sales came in at 118,600 bales for shipment this season and 84,000 bales for delivery next season. Shipments fell to 297,700 bales. Cash sales confined to business side on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures traded lower Thursday, showing little reaction to a drop in U.S. weekly export sales and shipments.
Spot July hovered off 55 points at 87.13 cents at 8:11 a.m. CDT, trading within a 119-point range from 87.80 to 86.61 cents on a contract volume of 3,178 lots. It traded inside the prior day’s broad span.
December slipped 27 points to 86.50 cents, trading within a 105-point range from 87 to 85.95 cents on a turnover of 1,378 lots.
In outside markets, Dow Jones futures traded little changed at down 2 points and S&P futures eased 0.50, while dollar index futures gained 0.109 to 82.060, crude oil fell 53 cents to $96.09, Brent crude dropped 53 cents to $103.81 and gold lost $9.90 to $1,463.80. Corn traded mostly lower, soybeans higher, Chicago wheat lower and Kansas City wheat mixed.
Net upland export sales fell to 117,300 running bales during the week ended May 2 for shipment this season, down 63% from the previous week and 49% from the prior four-week average, USDA reported. Gross sales were 124,400 bales and cancellations were 7,100 bales.
China was the top buyer, booking 52,400 bales or 45%, followed by Vietnam, 34,700; Turkey, 9,400; Taiwan, 5,500; and Japan, 3,500. With Pima sales slipping to 1,300 bales from 9,600 bales, all-cotton sales dropped to 118,600 bales from a combined 324,000 bales the prior week.
Upland shipments slid to 277,100 bales, down 24% from the prior week and 19% from the previous four-week average. Pima shipments rose to 20,600 bales from 14,900 bales the week before to hike all-cotton exports to 297,700 bales, down from 379,700 bales.
New-crop sales of eased to 84,000 bales from 87,600 bales of all cotton the prior week. This brought sales for both marketing years to 202,600 bales, down from the prior week’s 411,600 bales.
China’s Zhengzhou cotton futures settled higher in nearby contracts, up 245 yuan or 1.15% in May, 80 yuan or 0.41% in July and up 35 yuan or 0.18% in most-active September. The other contracts closed between up 30 and down 30 yuan.
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http://sweetfutures.com/2013/dtn-morning-comments-on-cotton-12/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
Market Update with Mike Kuta 'The Squawk Trader "
May 09, 2013Delinquency rate rises, but inventory eases in Q1: MBA.
The delinquency rate on U.S. home mortgages rose in the first quarter as more homeowners fell behind on payments for the first time, data from an industry group showed today. The seasonally adjusted delinquency rate on all loans rose to 7.25 percent from 7.09 percent in the first quarter, but was down from 7.40 percent a year ago, according to a report from the Mortgage Bankers Association. The number of loans that were 30 days late on payments rose to 3.21 percent from 3.04 percent at the end of last year. Mortgages that were 90 days or more past due, which are considered less likely to get back on track, edged down to 2.88 percent from 2.89 percent.
Six years after its far-reaching collapse, the housing market started to turn the corner last year with prices rising, inventory tightening and low interest rates enticing some buyers. “On the delinquency side, it’s a small increase but we’re back to pre-crisis levels. That number is just going to track what’s happening in the job market,” said Michael Fratantoni, MBA’s vice-president of research and economics. Delinquency rates include mortgages that are at least one payment behind but have not yet entered the foreclosure process. Foreclosure inventory fell to 3.55 percent from 3.74 percent, while the number of loans starting the process held steady at 0.70 percent, the lowest level since the second quarter of 2007. Among the different types of loans, subprime fixed and adjustable rate mortgages saw the largest increases in delinquencies, though there were fewer subprime loans sitting in the foreclosure process. The two categories make up more than 10 percent of overall mortgages, MBA said.
Jobless claims fall to lowest level in almost five-and-half years.
The number of Americans filing new claims for unemployment benefits dropped to its lowest level in nearly 5-1/2 years last week, signaling labor market resilience in the face of fiscal austerity. Initial claims for state unemployment benefits fell 4,000 to a seasonally adjusted 323,000, the lowest level since January 2008, the Labor Department said today. Claims for the prior week were revised to show 3,000 more applications received than previously reported. Economists polled had expected first-time applications to rise to 335,000 last week. The third straight weekly decline in claims pushed them further below the 350,000 mark, which economists normally associate with a firming labor market. Claims are showing no sign of a pick-up in layoffs even as other parts of the economy such as manufacturing start to show strain from tighter fiscal policy.
A Labor Department analyst said no states had been estimated and there was nothing unusual in the state-level data. The four-week moving average for new claims, a better gauge of job market trends, dropped 6,250 to 336,750 – the lowest level since November 2007. Coming on the heels of data last week showing surprising strength in the labor market, the claims report could further assuage fears of an abrupt slowdown in the economy. Employers added 165,000 new jobs to their payrolls in April and hiring in the previous two months was stronger than initially reported. The unemployment rate dropped to a four-year low of 7.5 percent. The improvement in employment contrasts sharply with other data, including retail sales and manufacturing, that have suggested a cooling in the economy at the end of the first quarter, which persisted early in the April-June period. The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid dropped 27,000 to 3.0 million in the week ended April 27. That was the lowest level in so-called continuing claims since May 2008.
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http://sweetfutures.com/2013/market-update-from-mike-kuta-the-squawk-trader-10/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
Wednesday, May 8, 2013
DTN Midday Commetns on Grains
Grain Trade Mixed at Midday
Mixed action is seen at midday with corn lower and beans higher. The trade is mentioning position squaring ahead of Friday.
By David Fiala DTN Contributing Analyst
General Comments
The U.S. stock markets are mostly flat to higher The interest rate products are flat to lower. The dollar index is slightly lower. Energies are mixed with crude down 105. Livestock trade is mixed. Precious metals are mixed with gold, up $15.
CORN
Corn trade is 8 to 12 lower at midday with renewed selling pressure building. Rain moving through the Corn Belt looks to idle a lot of planters in the near term, but the extended forecast remains more open. On the July chart we have support around our Monday close at the $6.37 20-day moving average and resistance at the $6.62 50-day, and trade has fallen through resistance at midday. The new crop carryover estimate for Friday is 2.06 billion bushels with a range of 1.832-2.19 billion. The world new crop corn carryover estimate is 150.9 million tons. These are well above the old-crop estimates of 762 million domestically, and 125.9 million tons on the world balance sheet. Ethanol production slipped slightly on the week, which was a little bit of a surprise. Inventories shrunk again, which should continue to support margins coming forward.
Read More:
http://sweetfutures.com/2013/dtn-midday-comments-on-grains-7/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
DTN Midday Comments on Livestock
Cattle Futures Weaken Wednesday Morning
By Rick Kment DTN Analyst
GENERAL COMMENTS:
Livestock futures are mixed with cattle futures holding moderate to sharp losses. Lean hog futures are the bright spot of the livestock complex with 30- to 50-cent gains at midday. Corn futures are lower in light trade at midday. July corn futures are holding 9-cent losses at midday. Stock markets are higher in light trade. The Dow Jones is 10 points higher while Nasdaq is up 7 points.
LIVE CATTLE:
Early trade in live cattle futures was mixed in a narrow range. Support steadily eroded through the morning as traders focused on sharp losses in feeder cattle futures and growing concerns surrounding the ability to actively move beef supplies through the upcoming months. Most of the pressure in the live cattle market is centered on deferred contracts, but this is subduing any buyer support in spot month markets. Cash cattle sales are starting to slowly develop in the South. Prices are seen at $126 per cwt. This is a $2 per cwt lower price than last week. The $126 per cwt price is still a strong basis bid, which may be spurring additional activity through the week. Bids are seen in the North, although no sales are yet reported Wednesday. Beef cut-outs at midday are higher, $0.62 per cwt higher (select) and up $3.26 per cwt (choice) with moderate movement of 111 total loads reported (38 loads of choice cuts, 36 loads of select cuts, 9 loads of trimmings, 28 loads of ground beef).
Read More
http://sweetfutures.com/2013/dtn-midday-comments-on-livestock-6/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
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