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Market Analysis: May 14, 2004

posted on May 14, 2004

Midweek reports from USDA on crop production and supply-demand provided fodder for traders.

The grain markets, for instance, digested everything from weak export sales to tight supply-demand tables to a huge selloff from the funds. The result was nearby wheat futures dropped nearly 40 cents ... and the May corn contract fell by more than 20 cents.

The short-term picture in soybeans isn't much better. Chinese demand has fallen way off and the April crush was well below trade guesses. For the week, nearby beans plunged more than 81 cents. May meal was off by $26.10 per ton.

July cotton saw little change, gaining 22 cents over last week's close.

In livestock, the nearby live cattle contract lost $2.43. May feeders advanced by 82 cents. And the lean hog contract jumped $4.20 and closed at a higher level than the fed cattle contract.

In the financials, Comex gold dropped another $2.00 an ounce. The Euro was down just 14 basis points against the dollar. And the CRB Index lost three-and-a-half points to close at 267.00.

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

Market Analysis: May 14, 2004 Thanks, Alan. That wraps up this edition of Market To Market. But if you'd like additional details from Alan on where these uncertain markets may be headed, be sure to check out the streaming audio on the Market Plus page at our Market To Market Web site.

And be sure to join us again next week, when we'll review the conflict between improved navigation and restored ecosystems on the Upper Mississippi.

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

Tags: agriculture commodity prices markets news USDA