Market Closes - September 12, 2012

Posted on Sep 12, 2012
  The morning’s USDA reports resulted in the divergent directions that corn and soybeans closed this afternoon.  December Corn has been trending lower since August 22 and has broken some chart support points; beyond today’s low of $7.59 1/4, the next support level may be $745 ½.  Live Cattle futures strengthened throughout the day as traders saw some strength in the boxed beef market and turned optimistic that feedlot managers could get a better price from packers this week.   Despite continued poor fundamentals, Lean Hog futures closed higher in sympathy with cattle futures and profit-taking by the shorts.   All eyes will be on the Federal Reserve’s policy announcement at 2 pm ET tomorrow.  More quantitative easing, or lack thereof, will impact the U.S. dollar’s relative value, U.S. exports as well as commodity prices.   Risk-on trade caused money to move out of Treasuries and thus raised interest rates.

Corn Dec -8 769.5 (759-785); Mar -8 773; Dec’13 -2.5 652

Bean Nov +44 1746 (1693-1750); Mar +45 1694; Nov’13 +27 1373.5   Meal +13.4  531.3   Oil +60 5607

Wheat Dec +6 890; Jly +4 867.5   KC +8.5 912.5;  MGE +16.5 951.5

LC Oct +60 12770; Feb +40 13297; Apr +35 13647

FC Sep +30 14495; Oct +102 14737; Mar +95 15325

LH Oct +70 7342; Dec +92 7235; Apr +32 8477

Milk Sep +4 1885; Oct +14 1938

Oats -.5 387

Rice +22 1494

US$ -.2%

Dow +10 13333

SP +3 1437

NAS +10 3114

Tran +41 5174

 VIX -.61 15.80

WTI -31 9686

Brent +11 11551

Gas -5.5 299

NG +7 306

HO +2 321

Eth -3.5 242

Gold -2 1730

Slvr -23 3328

2-yr -.004 0.246%

5-yr +.027 0.691%

10yr +.103 1.758%

30yr +.114 2.920%

 

 

Tagged Post Topics Include: Economics, Market updates