Market Closes - September 16, 2015

Posted on Sep 16, 2015
CBOT futures closed mixed with minimal price changes. USDA-FSA released acreage data that weighed on corn futures. Overall, the progression of harvest amid favorable weather forecasts encouraged selling. Higher energy and equities couldn’t lift the CBOT. Funds are short wheat, but long corn and and soybean meal with soybeans about even.

Cattle futures tanked today on technical selling when prices broke below key chart support. Traders also fear cash steer prices will be lower this week. Boxed beef trade was of little impact; Choice down 0.08 at 233.41; Select up 0.02 at 225.03. Both LC and FC hit new contract lows. The weekly LC chart has some support at $135; Feeder Cattle are supported at $193. There’s a monthly Cattle on Feed Report on Friday.

Lean Hog futures also closed lower in sympathy with cattle futures and rising hog slaughter weights. FOB Plant Pork closed down .33 at 83.64.

Treasury rates rose again today ahead of tomorrow’s key interest rate announcement by the FOMC.

Corn Dec -4 386; Jly -4 409; Dec16 -3 408 Bean Nov -2 887; JLy unch 899; Nov16 +2 884 Meal -2 316 Oil +21 2668 Wheat Dec -6 488; Jly -7 505 KC -6 486; MGE -4 516 Oats -2 234 Rice -10 1286

LC Oct -300 limit 13760; Feb -260 13990; Apr -250 13892 FC Sep -420 19412; Oct -430 18845; Jan -417 18147 LH Oct -112 6825; Dec -177 6207; Feb -157 6680 Milk Oct -26 1560; Nov -14 1562

 

US$ -.3% Dow +140 16740 SP +17 1995 NAS +29 4889 Tran +19 8183 VIX -1.19 21.35

WTI +251 4751 Brent +209 4984 Gas +5 138 NG -6 267 HO +5 155 Eth unch 152 Gold +16 1119 Slvr +58 1490

2-yr +.013 0.811% 5-yr +.010 1.610% 10yr +.015 2.296% 30yr +.023 3.085%

Tagged Post Topics Include: Economics, Market updates