U.S. farmers hold corn after tighter USDA stocks

U.S. farmers hold corn after tighter USDA stocks - MarketWatch

 -Cash basis has picked up about 5-7 cents for old-crop corn at central Illinois grain elevator

--Producers are not encouraged to sell at prices below what they saw a couple of weeks ago

--Farmers are turning their attention to planting, losing interest in marketing supplies 

CHICAGO (MarketWatch)-Farmers have tightened their grip on stored U.S. corn inventories once again, taking a bullish stance after government forecasters last week reported available corn supplies were smaller than expected.  Farmers are reluctant sellers of inventories, unwilling to part with supplies amid the uncertainties ahead of a summer weather market, in a year where large U.S. production is needed to rebuild depleted inventories.

Warmest March on record across half the U.S., expert says

Warmest March on record across half the U.S., expert says | Reuters


(Reuters) - Last month was the warmest March on record across half of the United States with summer-like temperatures providing some welcome news to the country's farmers and clothing retailers, a weather expert said.  Forecasters predicted April could be another warmer-than-normal month, though they said temperatures were likely to fluctuate in a more seasonal pattern in the first half of the month and that fewer records would be shattered.

U.S. farmers resist temptation to rush corn planting

U.S. farmers resist temptation to rush corn planting | Reuters


(Reuters) - Many U.S. farmers are waiting for crop insurance coverage to kick in before getting too aggressive in planting corn early, resisting the temptation presented by record warm temperatures this spring, a top agronomist said on Wednesday.  "Monday's numbers from USDA certainly showed 'some' early planting but the dam has not broken yet. The short-term weather forecast is favorable in terms of no expected heavy rains, but a cool off in temps may dampen some spirits," Robert Nielsen, a state extension corn specialist with Purdue University in Indiana, told Thomson Reuters online ags forum.

Bonds Riskier Than Stocks to Goldman Sachs’s Cohen

Bonds Riskier Than Stocks to Goldman Sachs’s Cohen - Bloomberg

Abby Joseph Cohen, the senior U.S. investment strategist at Goldman Sachs Group Inc., said investors are taking more risk by buying bonds at negative real yields than by putting money in equities as the economy grows.  “There are many investors who really are just so nervous about equities,” she said in a radio interview today on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt. “The long-term question is: Should they be more nervous about bonds right now? That to me is riskier than the stock market.”

Gold Falls to 12-Week Low on Fed Stimulus Outlook; Silver Slumps

Gold Falls to 12-Week Low on Fed Stimulus Outlook; Silver Slumps
 
April 4 (Bloomberg) -- Gold fell to a 12-week low on signs that the Federal Reserve won’t provide more U.S. economic stimulus, boosting the dollar and eroding the appeal of precious metals as alternative investments. Silver tumbled 6.7 percent.  The Fed will hold off on increasing monetary accommodation unless economic expansion falters, according to minutes of a March 13 policy meeting released yesterday. The dollar rose to a one-week high against a basket of six major currencies, and the euro slumped on Spain’s debt woes.

Dollar surges amid sharp sell-off in risk, euro breaks key support

Dollar surges amid sharp sell-off in risk, euro breaks key support

The Japanese yen is the top performer against a stronger greenback ahead of the European close with and advance of 0.55% on the session. The dollar continues to best all its major counterparts in early US trade save the yen which remains well supported on risk-off flows as traders continue seek refuge in lower yielding ‘haven’ assets. As we’ve noted in the past the yen has often outpaced the greenback on risk-off days with the USD/JPY trading markedly lower today as equity markets suffer broad-based losses with the major stock indices off by 1.3-1.7% in early in the session.

Oil spreads impacted by European speculative hoarding

Oil spreads impacted by European speculative hoarding

Fed Chief Ben Bernanke once again played traders like a fiddle. When the Fed fund futures started raising expectations that rates would increase in 2013, it seemed Ben was a bit perturbed. He soon sent a message that the data was not as good as it seems and bond vigilantes better beware. The Fed was ready and willing to employ QE3 and that seemed to be the message the Fed wanted to send or at the very least he wanted traders to stop messing with the short end of the yield curve.

Americans brace for next foreclosure wave

Americans brace for next foreclosure wave | Reuters


(Reuters) - Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.  But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.  "We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio's People (ESOP), a counseling group with 10 offices in Ohio.

Euro, commodity currencies pressured; China data eyed

Euro, commodity currencies pressured; China data eyed | Reuters

Against the yen, it was at 108.31, not far off an overnight trough around 107.90.
Having fallen nearly 1 percent towards $1.3100, the euro last stood at $1.3142. Support is seen around $1.3094, the 76.4 percent retracement of the mid-to-late March rise. Having failed to clear $1.3400 the market now seems keen to test the floor of a two-month range around $1.3000.

Fed's Williams says QE3 less likely to be needed

Fed's Williams says QE3 less likely to be needed | Reuters

The U.S. central bank will still likely need to keep benchmark interest rates near zero through late 2014 to keep the recovery on track, San Francisco Fed President John Williams told members of the San Francisco Planning and Urban Research Association. But it may not need to try to do even more to lower borrowing costs, he said.

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Fed Chief once again played traders like a fiddle. When the Fed fund Futures started raising expectations that rates would increase in 2013 it seemed Ben was a bit perturbed. He soon sent a message that the data was not as good as it seems and bond vigilante’s better beware. The Fed was ready and willing to employ QE 3 and that seemed to be the message the fed wanted to send or at the very least he wanted traders to stop messing with the short end of the yield curve.  Of course after yesterdays Fed Minutes we know realize that Ben Bernanke was really just trying to slow the speculative fervor. No, QE3d is not right around the corner but don’t try to force his hand by raising rate increase expectations until Ben feels ready. It’s his party and he will print if he wants to so the message to traders is that do not try to force his hand. He wants to be the leader and the traders had better follow.

MF Global U.K. staff seek $62 million in unpaid bonus, severance

MF Global U.K. staff seek $62 million in unpaid bonus, severance

April 4 (Bloomberg) -- Employees of MF Global Holdings Ltd.’s U.K. unit are seeking 39 million pounds ($62 million) of unpaid bonuses, severance pay and pension contributions from the collapsed broker’s administrator KPMG LLP.  The service company that employed staff in London has one of the largest claims on a list of creditors published by KPMG on March 14. The 39 million pounds is for the unit to meet its remaining contractual obligations to workers, including guaranteed bonuses and statutory redundancy pay, KPMG administrator Richard Heis said.

JP Morgan charged with mishandling seg funds in Lehman case

JP Morgan charged with mishandling seg funds in Lehman case

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges against JPMorgan Chase Bank, N.A. (JPMorgan) for its unlawful handling of Lehman Brothers, Inc.’s (LBI) customer segregated funds.  The CFTC order imposes a $20 million civil monetary penalty against JPMorgan.  The order also requires JPMorgan to implement undertakings to ensure the proper handling of customer segregated funds in the future and to release customer funds upon notice and instruction from the CFTC.

NFA and CME tightening up supervision

NFA and CME tightening up supervision

Both the National Futures Association (NFA) and CME Group are changing rules regarding how futures commission merchants (FCMs) handle excess funds in customer segregated accounts. Marc Nagel, chief operating officer of Dorman Trading, who serves on the NFA’s FCM advisory committee says the handling of customer segregated funds is the main topic these days at the NFA.

Obama signs bill banning Congress from insider stock trading - About time!!!!!

Obama signs bill banning Congress from insider stock trading

April 4 (Bloomberg) -- President Barack Obama signed into law a bill strengthening the ban on insider trading by members of Congress and other government officials who might profit on private knowledge they gain from work.  “We were sent here to serve the American people and look out for their interests, not to look out for our own interests,” Obama said at a signing ceremony in Washington, joined by Republican and Democratic members of Congress. “There is a deficit of trust between this city and the rest of the country.”

Oil tumbles as report shows inventories surged most since 2008

Oil tumbles as report shows inventories surged most since 2008

April 4 (Bloomberg) -- Oil futures tumbled after the U.S. Energy Department said stockpiles rose the most since 2008.  Crude inventories climbed 9.01 million barrels to 362.4 million in the seven days ended March 30,to the highest level since June 17. Supplies at Cushing, Oklahoma, the delivery point for New York-traded futures, increased 729,000 barrels to 40.3 million.