Market Closes - September 14, 2016
Posted on Sep 14, 2016CBOT futures closed with minimal changes after trading modest ranges. Corn and wheat closed at the high end of the range with strong buying in the final minutes. Huge corn and soybean crops are about to be harvested and world wheat supplies are record large. The 2-week forecast calls for above-normal temperatures, so crops should finish normally. Traders will be watching Thursday morning’s USDA Export Sales Report for signs of strong demand.
Live Cattle closed higher and near the day’s highs as prices trended up throughout the day. Midday boxed beef values were slightly higher on strong movement, but closed much lower. Choice dn 0.82 at 185.80; Select dn 0.98 at 180.32. LC futures were also supported by good packer margins.
The Lean Hog market turned even more ugly with sharp losses for the fourth straight day. Lower cash hog prices and technical selling with new contract lows pressured LH futures. Despite this bearishness, the pork market actually rose .56 to 82.01 on stronger belly and loin values.
Corn Dec +2 332 (326-32); Mar +2 342
Bean Nov -1 943 (940-48); Mar -1 951
Meal unch 307
Oil +2 3162
Wheat Dec +2 403; Jly +3 450 (440-50)
KC +2 418; MGE unch 493
Oats +1 174
Rice +28 989
LC Oct +112 10580; Dec +55 10637; Apr +42 10537
FC Sep -70 13267; Oct -42 13012; Jan -52 12422
LH Oct -182 5492; Dec -145 4910; Apr -167 5870
Milk Sep -7 1640; Oct -8 1642
US$ -.2%
Dow -32 18035
SP -1 2126
NAS +19 5174
Tran -17 7755
VIX +.29 18.14
WTI -132 4358
Brent -105 4605
Gas -1 136
NG -2 289
HO -4 138
Eth unch 150
Gold +2 1326
Slvr +9 1898
2-yr -.044 0.762%
5-yr -.044 1.210%
10yr -.035 1.699%
30yr -.021 2.449%
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