Market Commentary

FOMC Minutes, Bernanke May Shake Markets

Live Squawk — Tue, 21 May 2013 17:10:17 GMT

Scouring for Clues to Future of Stimulus EffortThe minutes from the Federal Open Market Committee's April 30-May 1 policy meeting, which will be released May 22, arguably have the largest potential to move global markets this week, according to Live Squawk....

Asia FX

Cornelius Luca — Tue, 21 May 2013 16:56:57 GMT

The appetite for risk improved in the US session on Tuesday. Most foreign currencies reversed at least some of their losses after pausing on Monday on profit taking....

Soybeans Mixed; Corn, Wheat Lower at Midday

DTN/The Progressive Farmer — Tue, 21 May 2013 16:45:00 GMT

DTN Midday Grain Comments 05/21 11:14 Soybeans Mixed; Corn, Wheat Lower at Midday Old-crop beans again have some positive net changes, but most other grain markets are lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S....

Mid-Session Stock Index Market Report

Tue, 21 May 2013 16:17:44 GMT

The June S&P 500 trended fractionally lower during the morning hours but remained inside of the previous day's range into the midsession. Some traders indicated that there was a lack of fresh catalysts worthy of driving trade decisively in one direction....

Mid-Session Interest Rate Market Report

Tue, 21 May 2013 16:17:44 GMT

US Treasury prices initially saw a fresh new low for the move before rebounding aggressively in the wake of comments from the Fed's Bullard....

Mid-Session Corn Market Report for 5/21/2013

Tue, 21 May 2013 16:17:32 GMT

July corn is leading the market lower midday and is down 13 cents. September corn is trading down 12 cents and the December contract is down 4 1/4. Traders noted profit taking in old vs. new crop calendar spreads for the second day in a row....

Mid-Session Soy Complex Market Report

Tue, 21 May 2013 16:17:32 GMT

The soybean market is mixed midday with the July contract up 8 cents while the November contract is probing into negative territory. Cash basis in processor markets have a weaker tone today as producer sales of old crop have picked up....

Mid-Session Wheat Market Report

Tue, 21 May 2013 16:17:32 GMT

July Chicago wheat posted a new low for the move this morning but managed to find some moderate buying support midday to take the market off the lows of the session....

Mid-Session Gold Market Report

Tue, 21 May 2013 16:07:41 GMT

Gold was back under fresh pressure this morning in the face of adverse currency market action and also because of quasi deflationary price action in a host of physical commodity markets....

Mid-Session Silver Market Report

Tue, 21 May 2013 16:07:41 GMT

The July silver contract initially managed to hold above the potentially critical $22.00 level into mid session, but spillover weakness from gold and ongoing adversity in the currency markets kept silver in negative ground for most of the Tuesday morning trade....

Nat Gas rally continues for third trading session

Dominick Chirichella — Tue, 21 May 2013 15:55:50 GMT

The Nat Gas rally continues for yet another session with the spot Nymex futures price now trading above the latest resistance area of $4.16/mmbtu… at least on an intraday basis....

Mid-Session Energy Market Report

Tue, 21 May 2013 15:55:32 GMT

The crude oil complex traded lower during the US morning hours, weighed down by a rebound in the US dollar and speculation that the Fed might be close to tapering its quantitative easing program. July Crude Oil slipped back below the $96....

Replicating Interest Rate Swaps with Eurodollar Strips

Tue, 21 May 2013 15:17:40 GMT

Weighted Strips Can act as Floating Rate Proxy"Futurization" describes the process through which trading and regulatory practices in exchange-traded futures and over-the-counter derivative instruments are converging as Dodd-Frank rules take effect....

TradeTheNews.com US Market Update: Waiting for Bernanke, US Markets Flat

TradeTheNews.com — Tue, 21 May 2013 15:11:16 GMT

***Economic Data*** - (EU) OECD Q1 GDP Q/Q: 0.4% v 0.0% prior - 07:15 (SE) Sweden Central Bank Gov Ingves in Parliament - (US) ICSC/GS weekly chain store sales w/e May 17th w/w: +0.2%; y/y: +3.1% - (PL) Poland Apr Sold Industrial Output M/M: -2.3% v -1.7%e; Y/Y: 1....

A picture of labor market trends in front of the Chairman's JEC testimony

Nick Kalivas — Tue, 21 May 2013 14:38:03 GMT

The financial markets are waiting for Fed Chairman Bernanke's testimony in front of the Joint Economic Committee Wednesday for insight into the direction of the Fed's asset purchase program....

Palm Oil Futures Slip

Thomson Reuters — Tue, 21 May 2013 14:35:47 GMT

Malaysian palm oil futures dropped, stretching losses into a second straight session as lower exports in the first 20 days of the month continued to drag on prices.

Paraguay Soy Chamber Sees Record 2012/13 Crop

Thomson Reuters — Tue, 21 May 2013 14:33:26 GMT

Paraguay will produce a record 9 million tonnes of soybeans this season, an all-time high likely to be repeated in the next crop year as well, officials of the country's exporters chamber told the Reuters Latin America Investment Summit on Monday.

U.S. Corn Crop 71 pct Seeded After Record Progress in Week –USDA

Thomson Reuters — Tue, 21 May 2013 14:32:21 GMT

U.S. farmers took advantage of mostly clear skies in the last week to plant corn at a blistering pace, pushing progress to 71 percent, from 28 percent a week earlier, the U.S. Department of Agriculture said Monday in a weekly report.

Aussie Dollar Nosedive Highlights Currency's Flaws

Marc Chandler — Tue, 21 May 2013 13:47:31 GMT

Capitulation Trade in CME Group Futures? Once a market darling, the Australian dollar has "fallen out of favor in dramatic fashion," tumbling over 6% against its U.S....

Hogs Mixed on Demand Concerns

Pro Farmer — Tue, 21 May 2013 13:40:10 GMT

Lean hog futures are called to open mixed as traders are cautious about pork demand. Following yesterday's gains, lean hog futures are called mixed as traders are cautious about pork demand....

Cattle Futures Retain Gains

Pro Farmer — Tue, 21 May 2013 13:39:19 GMT

Live cattle futures are called to open steady to firmer on followthrough from yesterday's gains. Live cattle futures started yesterday with a weaker tone but firmed due to strength in the boxed beef market. Choice boxed beef values firmed 53 cents and Select rose $1....

Wheat Wilts in Overall Commodity Selling

Pro Farmer — Tue, 21 May 2013 13:38:40 GMT

Wheat futures are called to open 7 to 9 cents lower on a negative tone in the commodity world. Chicago and Kansas City wheat futures ended the overnight session mostly 9 to 10 cents lower, with Minneapolis futures 5 to 7 cents lower....

Soybeans Lower, Dragged Down by Corn

Pro Farmer — Tue, 21 May 2013 13:36:08 GMT

Soybean futures are called 3 to 8 cents lower on spillover from corn and negative outside markets. July corn saw two-sided trade overnight but ended the overnight session around 2 cents lower. The rest of the market was 6 to 8 cents lower....

Planting Progress Pressures Corn

Pro Farmer — Tue, 21 May 2013 13:35:04 GMT

Corn futures are called to open 5 to 10 cents lower on strong corn planting progress. Old-crop corn futures ended the overnight session 13 cents lower, with new-crop futures mostly around 7 cents lower....

Morning Natural Gas Market Report

Tue, 21 May 2013 13:01:46 GMT

June Natural gas prices trended higher during the initial morning hours and climbed to their highest level since May 2nd. Some traders noted that the latest weather forecasts calling for average to above average temperatures across the US was a factor that could bolster...

Morning Gasoline Market Report

Tue, 21 May 2013 13:01:46 GMT

July RBOB prices took a lower track during the initial morning hours and broke down below yesterday low in the process. Midwest cash gasoline prices turned lower during Monday's session, weighed down by easing near term supply concerns....

Morning Crude Oil Market Report

Tue, 21 May 2013 13:01:46 GMT

July Crude Oil prices experienced a choppy to lower trade in overnight and early morning action. Some of the factors behind the early weakness might have come from weakness in a number of outside markets, rally in the US dollar and concerns that the Fed may alter their...

Morning Heating Oil Market Report

Tue, 21 May 2013 13:01:46 GMT

July Heating Oil prices traded lower during the initial morning hours but remained inside of yesterday's range. A morning rally in the US dollar and weakness in both Brent and WTI crude oil seemed to pressure the market lower....

Morning Cattle Market Report

Tue, 21 May 2013 13:01:44 GMT

With a key reversal for August cattle, a stiff discount to the cash market and a continued surge higher in beef prices, the market may be in a position to attract increased buying and short-covering over the near-term....

Morning Hog Market Report

Tue, 21 May 2013 13:01:44 GMT

The market is still operating under the negative technical influence of the May 17th sweeping reversal. Weakness in ribs and loins overnight might be seen as a sign that retail bookings may have reached a near-term peak....

Biggest Traders Helping EU Oil Probe, Not in it -sources

Thomson Reuters — Tue, 21 May 2013 12:47:14 GMT

European investigators have asked top trading houses Glencore, Vitol and Gunvor to help with a probe into oil price manipulation, while not suggesting they are under investigation, industry sources said on Monday

Biggest Traders Helping EU Oil Probe, Not in it -sources

Thomson Reuters — Tue, 21 May 2013 12:46:45 GMT

Brent Futures Hanging Around $105

Thomson Reuters — Tue, 21 May 2013 12:45:13 GMT

Brent crude futures steadied near a two-week high, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range.

POLL-U.S. Crude Stocks Expected to Slip on Higher Refinery Activity

Thomson Reuters — Tue, 21 May 2013 12:45:00 GMT

U.S. commercial crude oil stockpiles likely fell for a second consecutive week on higher refinery activity and lower imports, a preliminary Reuters poll of seven analysts showed on Monday.

Gold Getting Added Pressure

Thomson Reuters — Tue, 21 May 2013 12:41:30 GMT

Gold fell for the eighth of nine sessions, hurt by a firm dollar and persistent outflows from exchange-traded funds, pointing to more downside pressure on the metal, which has already lost about a fifth of its value this year.

Copper Regains Ground; Restrained by Data Due

Thomson Reuters — Tue, 21 May 2013 12:40:42 GMT

London copper recouped early losses, underpinned by confidence in the U.S. economy, although gains were kept in check ahead of a slew of factory data this week that may point to softer global growth.

EU Draft Bank Rescue Law Would Not Shield Big Deposits

Thomson Reuters — Tue, 21 May 2013 12:37:12 GMT

A draft law that a group of European Union lawmakers voted for would shield small depositors from losing their savings in future bank rescues, but customers with more than 100,000 euros in savings when a bank failed could suffer losses.

Oil prices quietly lower

Dominick Chirichella — Tue, 21 May 2013 12:26:57 GMT

Oil prices continue to slowly move higher irrespective of the market concern that oil demand is slowing. The massive stimulus programs are continuing to keep oil prices bid as most of the commodities in the oil complex have either breached their upside resistance level...

Pre-Opening Kansas City Wheat Market Report

Tue, 21 May 2013 12:26:43 GMT

Grain markets are trading sharply lower this morning after the corn planting progress report was bearish for market direction. Paris wheat futures are lower and the US Dollar is stronger this morning as the Euro and Yen decline....

Pre-Opening Corn Market Report for 5/21/2013

Tue, 21 May 2013 12:26:42 GMT

July corn is trading 13 1/4 cents lower at 7:10 am cst and the December contract is down 7 cents. Planting progress was bearish for market direction and the broader commodity complex is starting the day with a negative tilt. December corn fell 1....

Pre-Opening Soy Complex Market Report

Tue, 21 May 2013 12:26:42 GMT

July soybeans are trading nearly unchanged at 6:50 am cst. July meal is slightly higher while December meal is down 2. Oil is steady to moderately lower....

Pre-Opening Chicago Wheat Market Report

Tue, 21 May 2013 12:26:42 GMT

Morning Copper Market Report

Tue, 21 May 2013 12:03:58 GMT

The copper market has held a large portion of its recent recovery bid, and more importantly it was sitting in proximity of its Monday highs in the early Tuesday US action....

Morning Platinum Market Report

Tue, 21 May 2013 12:03:58 GMT

Chinese equity markets were mixed overnight, with the Shanghai composite carving out a modest gain and the Hang Sang in Hong Kong seeing some minor weakness....

Fed has Right Monetary Accommodation in Place, Evans says

Thomson Reuters — Tue, 21 May 2013 12:03:17 GMT

The U.S. Federal Reserve has the appropriate level of monetary accommodation in place, allowing the economy to reach "escape velocity" next year, a top Fed official said on Monday.

Buck Sneaking Back on Yen

Thomson Reuters — Tue, 21 May 2013 12:01:14 GMT

The dollar edged up against the yen after a Japanese minister clarified earlier remarks about the yen's weakness that had toppled the greenback from a 4-1/2-year high against the Japanese currency on Monday.

European Stocks Looking Lower, Asian Stocks Mixed

Thomson Reuters — Tue, 21 May 2013 12:01:10 GMT

European stock futures pointed to a weaker open, while Asian Shares traded mixed with concerns the U.S. Federal Reserve might begin slowing its bond purchases later in the year prompting investors to take profits from a rally to five-year highs....

US FX

Cornelius Luca — Tue, 21 May 2013 12:00:52 GMT

The appetite for risk is negative ahead of the US open. Most foreign currencies open lower after pausing from recent losses on Monday on profit taking....

Cattle Futures to Show Opening Strength

DTN/The Progressive Farmer — Tue, 21 May 2013 12:00:00 GMT

DTN Early Word Opening Livestock 05/21 06:22 Cattle Futures to Show Opening Strength Live and feeder cattle contracts are set to open significantly higher, supported by follow-through buying and impressive corn planting progress....

ITC F.I. Morning Recap: Weak UK data set the tone. Corp issuance supply building, should support.

ITC Markets — Tue, 21 May 2013 11:56:27 GMT

ITC Fixed Income Morning Recap: - USTs and Swaps: USTs were initially lifted off the NY close with trading account buying of 10s but then we heard NY account selling of 5s. However, this was then met by decent CB buying of 5s....