Market Closes - September 17, 2012
Posted on Sep 17, 2012The sell-off in the CBOT started overnight with Chinese grain futures moving lower. Then the weekly soybean export sales were disappointing even though overall soybean export demand has been very strong. Harvest pressure is picking up with corn at 25% and soybeans at 10%. Also rain in Brazil benefiting the next bean crop was credited for the selling.
Outside market pressure was evident as traders swung to “risk off” due to uncertainty in the Euro Zone debt resolution. The spec funds were selling briskly today and the sharply lower prices brought on more selling. Today’s selling made only a small dent in their total LONG positions. Price direction is mostly in the hands of these funds.
Despite higher boxed beef values today, the “risk off” trade and bearish outside markets took Live Cattle futures down. Choice UP 1.51 at 193.05; Select UP 1.78 at 182.46.
There’s nothing in the market to hold Lean Hog futures up following the strength seen last week. The trend seems to still be down but prices are almost $3.00 above recent lows.
Corn Dec -34 748; Mar -33.5 752.5; Dec’13 -19.5 641
Bean Nov -70 1669; Mar -70 1633; Nov’13 -57 1341 Meal -20 limit 503.5 Oil -199 5498
Wheat Dec -46 878; Mar -46 890; Jly -30 862 KC -47 901; mge -47 931
LC Oct -155 12550; Dec -162 12830; Apr -82 13565
FC Sep +32 14532; Oct +37 14700; Jan +42 15072
LH Oct -65 7337; Feb -77 7917; Apr -117 8565
Milk Sep -2 1885; Oct -13 1984
Oats -12 384
Rice +1 1529
US$ +.1%
Dow -40 13553
SP -5 1461
NAS -5 3179
Tran -75 5140
VIX +.08 14.59
WTI -238 9662
Brent -301 11365
Gas -7 294
NG -8 316
HO -7.6 316
Eth -10 232
Gold -2 1768
Slvr -29 3430
2-yr +.004 0.258%
5-yr unch 0.718%
10yr -.026 1.843%
30yr -.056 3.036%
Tagged Post Topics Include: Economics, Market updates
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