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Market Analysis: May 13, 2005

posted on May 13, 2005

The bears did indeed feast on the negative fundamentals in the grain pits. Nearby wheat futures went off the board Friday down by 13 cents. The May corn contract closed out by falling more than five cents.

Increased weekly export numbers failed to support soybean prices. May beans went off the board Friday down more than 31 cents for the week. The nearby meal contract retreated by $3.90 per ton.

Cotton traded in a narrow range, with the nearby July contract advancing just 26 cents for the week.

In livestock, the June cattle contract was up by $2.22. Nearby feeders gained $1.20. But the May lean hog contract lost $1.75.

In the financials, Comex gold lost $6.20 an ounce. The Euro fell 206 basis points against the dollar. And the CRB Index declined three-and-a-half points to close at 297.50.

Here now to lend us his insight on these and other market trends is one of our regular market analysts, Virgil Robinson. Welcome back.

Market Analysis: May 13, 2005 Thanks Virgil. That wraps up this edition of Market To Market. But if you'd like more information from Virgil on where these markets are headed, then be sure to check out the streaming audio at the Market Plus page on our Market To Market Web site.

And be sure to join us again next week when we'll discover how some tobacco farmers are adjusting now that their government support program has gone up in smoke.

Until then, thanks for watching. I'm Mark Pearson. Have a great week.

Tags: agriculture commodity prices markets news