Market Update - August 31, 2012

Posted on Aug 31, 2012
The outside markets are responding to Bernanke’s speech (nothing definitive announced) and supportive news out of Europe. Initial reaction was disappointment but then equities rallied strongly.  US Treasuries are rallying so yields are slipping.  The 10-yr is 1.58% compared to a recent high of 1.8%

The US dollar is down sharply; gold and silver are up sharply.  All of the friendly outside markets are not helping the CBOT futures market as they are down across the board. With a 3-day weekend ahead of us, traders are taking profits and reducing their market risk. By Tuesday, we’ll have an idea of crop damage from Isaac’s remnants.

Live Cattle futures are little changed.  The October is at a good premium to the fed cattle cash price.  Feeder futures are getting a bump from lower grain prices.

Lean hogs are lower on continued weakness in the hog markets.

Corn Sep -12 799; Dec -12 796 (793-810); May -10 791

Bean Sep -10 1760; Nov -13.5 1750 (1745-1763); May unch 1580

Meal -3 545

Oil -9 5650

Wheat Sep -20 864; Dec -20 882; Jly -4 853

LC Oct +7 12557; Feb -25 13190

FC Sep +147 14477; Nov +142 14767; Apr +130 15440

LH Oct -45 7370; Feb -47 7942

Milk Sep -21 1890; Oct -40 1979

Oats -1 387

Rice -11 1492

US$ -.5%

Dow +.6%

SP +.4%

NAS +.4%

Tran +.2%

VIX -.9% 17.67

WTI +1.7%

Brent +1.4%

Gas +1.2%

NG +.8%

HO +1.1%

Eth -1.5%

Gold -.4%

Slvr +2.7%

5-yr -.049 0.617%

10yr -.046 1.582%

30yr -.037 2.711%

Tagged Post Topics Include: Economics, Market updates