Market Closes - September 18, 2012

Posted on Sep 18, 2012

 

  While corn and wheat futures tried to move higher today, the sharp losses in the soybean complex dragged the rest of the CBOT lower at the close.    The Nov/Jan/Mar soybean futures contracts fell sharply relative to the deferred contracts.  This indicates less concern about the soybean supply in the weeks before the 2013 South American supply hits the world market. If weather cooperates in South America, they will have a record-breaking crop; recent rains there have added to CBOT weakness.     Lower prices are creating technically weak charts.  Traders believe the next soybean yield estimate will be higher than USDA’s September number, thanks to the late rains.  Since China is the key export customer, one has to watch their actions.  They love to push the market down when they have a chance (by cancelling previous purchase contracts).   The November Soybean chart above shows an apparent head-and-shoulders top with an approximate target of $16.00.     Live Cattle futures traded up and down today but closed higher after the midday boxed beef market showed higher prices.  Traders are optimistic that feedlot trade will occur higher than last week’s $126 average.  Beef Cutouts: Choice UP 1.22 at 194.27; Select UP 1.54 at 184.00.   Lean Hog futures are holding up even in the face of weaker pork values. The Pork Cutout dropped $1.37 to 76.42/cwt.  Seems traders are anticipating a turnaround in the cash hog markets; price was up Monday.

Corn Dec -8 740 (739-754); Mar -8.5 744; Dec’13 -9 632.5

Bean Nov -29 1640 (1630-1669); Mar -33 1600; Nov’13 +4.5 1345   Meal Oct -12 491; May -10 443   OIL -7 5491

Wheat Dec -14.5 863.5 (861-888); Jly -16.5 846   KC -12 889;  MGE -6 925

LC Oct +90 12640; Feb +30 13225; Apr +7 13572

FC Sep -5 14527; Oct +37 14737; Jan +22 15095

LH Oct +72 7410; Feb +62 7980; Jun -25 9672

Milk Sep unch 1886; Oct +12 1996

Oats -10 374

Rice -35 1494

US$ +.3%

Dow +12 13565

SP -2 1459

NAS -1 3178

Tran -57 5083

 VIX -.41  14.18

WTI -119 9543

Brent -202 11177

Gas -4 290

NG -9 277.5

HO -4 313

Eth -4 228

Gold +3 1771

Slvr +44 3474

2-yr +.004 0.258%

5-yr -.018 0.701%

10yr -.061 1.808%

30yr -.084 3.008%

 

Tagged Post Topics Include: Economics, Market updates