Market Closes - September 1, 2016

Posted on Sep 1, 2016

Corn 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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