Market Closes - September 16, 2013

Posted on Sep 16, 2013
Corn and wheat futures closed slightly lower, pressured by the sharp drop in soybean and soybean meal futures in response to forecasts for improved rain chances over the next two weeks.

USDA-FSA will release its update to Prevented Planted Acres tomorrow morning; this will provide analysts information to update possible crop production totals.

 

18 Major U.S. States Crop Condition/Progress: CORN Mature = 22 pct vs 73 pct year ago and 41 pct average (5-year) KY = 63%, TN = 67%, IN = 22%, IA = 15%

Harvested = 4 pct vs 24 pct year ago and 10 pct average Rated good/excellent = 53 pct vs 54 pct week ago Rated poor/very poor = 18 pct vs 17 pct week ago

SOYBEANS Dropping Leaves = 26 pct vs 54 pct year ago and 35 pct average KY = 15%, TN = 16%, IN = 40%, IA = 7%, IL=13%

Rated good/excellent = 50 pct vs 52 pct week ago Rated poor/very poor = 18 pct vs 16 pct week ago

U.S. pasture conditions are deteriorating. Rated good/excellent = 34 pct vs 35 pct week ago Rated poor/very poor = 37 pct vs 36 pct week ago

Spring Wheat Harvested = 90 pct vs 87 pct average Winter Wheat Planted = 12 pct vs 12 pct average

Cattle futures closed mixed with feeders supported by the weaker tone at the CBOT. Traders will keep a close eye on beef values and where fed cattle trade later this week.

Lean Hog futures closed sharply higher as recent slaughter receipts are running well short of expectations.  However, this afternoon’s Pork Cutout value fell over a dollar/cwt. As such, the October LH contract is down about 60 cents from the closing pit price quoted above.

Equities soared and short-term Treasury rates fell after Larry Summers said he won’t pursue the Federal Reserve Chairmanship. Traders had feared Summers would favor quicker tapering of the monetary easing currently in place.

Corn Dec -2.5 456.5 (454-62); Jly -2.5 484; Dec14 -3 496

Bean Nov -33 1348 (1343-75); Jly -18 1289; Nov’14 +5 1176 Meal Oct -13 431; Jly -7 398 Oil -21 4213

Wheat Dec unch 641; Jly -2.5 654 (653-661) KC -2 690; MGE -4 702

Oats -1 311

Rice +14 1556

LC Oct +30 12555; Feb -12 13105; Apr -35 13212 FC Sep +30 15760; Oct +22 15950; Jan +52 15995 LH Oct +142 9212; Dec +122 8847; Feb +52 8932 Milk Sep -5 1813; Oct -39 1780

US$ -.3%

Dow +119 15495

SP +10 1698

NAS -34 3718

Tran +74 6597

VIX +.22 14.38

WTI -205 10616

Brent -208 10962

Gas -6 271

NG +7 374.5

HO -6 305

Eth +1 178

Gold +4 1313

Slvr +23 2190

2-yr -.04 0.40%

5-yr -.06 1.64%

10yr -.01 2.88%

30yr +.04 3.88% 

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Tagged Post Topics Include: Economics, Market updates