Market Closes - September 11, 2012

Posted on Sep 11, 2012

  The soy complex led the CBOT lower today on additional long liquidation as trader even up ahead of tomorrow’s Crop Report and WASDE.  The new estimates will give the market direction.  See below for the pre-report estimates.   

  November Soybeans are sitting right at chart support so a bearish report could lead to significant losses.

  Live Cattle futures closed higher with the biggest gains in October and December – both of these contracts moved to new highs, prices not seen since the end of March 2012.  Futures were supported by optimism for cash cattle prices. The October contract is already at a premium to the cash price so further gains may be limited until trade develops in the Plains.  Boxed beef values did move higher today.

  Lean Hog futures closed mostly lower as focus returned to the weak cash fundamentals.

Chart Source: Daily Livestock Report, CME Group, September 11, 2012

** USDA report at 8:30 a.m. Eastern **

Corn Dec -5.5 778; Mar -6 781; Dec’13 -1.5 655

Bean Nov -17 1701.5; Mar -14 1649; Nov’13 -8 1347   Meal -3 518    Oil -67 5547

Wheat Dec -6 884; Jly -2.5 864     KC -.5 904;  MGE unch 935

LC Oct +135 12710; Feb +30 13257; Apr +10 13612

FC Sep -30 14465; Nov -17 14790; Mar -7 15230

LH Oct +15 7272; Dec -15 7142; Apr -132 8445

Milk Sep +3 1881; Oct +19 1920

Oats +1 387

Rice -5 1472

US$ -.7%

Dow +69 13323

SP +4 1434

NAS +1 3105

Tran +35 5133

 VIX +.13  16.41

WTI +35 9689

Brent +28 11509

Gas +2.4 305

NG +19 300

HO +1.5 318

Eth -2 245.5

Gold +2 1732

Slvr -18 3340

2-yr unch 0.250%

5-yr +.026 0.665%

10yr +.046 1.700%

30yr +.047 2.853%

Trade Expectations for the USDA Crop Report Corn  Production = 10.38 billion with average yield of 120.6 bushels.  2012/13 Ending Stocks = 592 million vs 650 million in August. 

Soybean   Production = 2.66 billion bushels with average yield of 35.8 bushels/acre.   2012/13 Ending Stocks = 106 million vs 115 million in August.

 Wheat   2012/13 Ending Stocks = 709 million

 

Tagged Post Topics Include: Economics, Market updates