Market Closes - September 1, 2016
Posted on Sep 1, 2016Corn and wheat futures closed strongly higher on the first day of September; this comes after 8 straight days of lower closes. So this rally may be technical short-covering from an oversold situation given the speculative funds have huge net short positions. Another factor may be that private crop estimates have come in below USDA on corn. Friday’s trading could be interesting going into the 3-day Labor Day weekend. Watch for price resistance at 3.20 in Sept Corn and 3.30 in December Corn. Soybean futures were volatile today but closed little changed. Soybeans remain below the 200-day moving averages.
It was a terrible day in cattle futures with nearby October Live Cattle closing down the daily $3.00 limit. Futures were pressured by long liquidation which pushed LC futures to new contract lows previously set on Tuesday. Fed cattle have been trading at $110/cwt, down $5.00 from last week. Choice carcasses down 0.75 at 195.74; Select down 1.22 at 188.49. At midday, Choice was up .72.
Lean Hog futures closed higher despite the crash in cattle futures. LH futures have been edging higher for 5 straight trading days. Nearby October LH reached new highs not seen since July 26. FOB Plant Pork closed up .39 at 78.39.
Corn Sep +9 311; Dec +8 324 (315-25)
Bean Sep -1 959; Nov +1 944 (937-48)
Meal +1 313
Oil -27 3220
Wheat Sep +7 368; Jly +7 441
KC +8 380; MGE +5 490
Oats +5 166
Rice +1 920
LC Oct -300 limit 10357; Feb -257 10597; Apr -242 10547
FC Sep -322 13730; Oct -382 13452; Jan -347 12687
LH Oct +47 6332; Dec +47 5800; Feb +50 6182
Milk Sep +31 1677; Oct +26 1684
US$ -.4% 95.64
Dow +18 18419
SP unch 2171
NAS +14 5227
Tran +39 7918
VIX +.06 13.48
WTI -117 4353
Brent -108 4581
Gas -5 128
NG -8 280
HO -3 139
Eth +3 143
Gold +6 1317
Slvr +25 1887
2-yr -.007 0.786%
5-yr unch 1.180%
10yr unch 1.568%
30yr +.001 2.232%
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