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