Market Closes - September 19, 2012

Posted on Sep 19, 2012

 

  Given no fundamental reason to push futures down through chart support, traders rallied the CBOT to strong gains. All 3 commodities closed near the day’s highs. 

  End users taking advantage of prices down from last week’s level supported the market today. Soybean complex futures lagged the percentage gains in corn and wheat futures.  The consensus is that the October USDA Crop Report will put U.S. production above the September estimate while the corn production number could be lower. 

  The outside markets were relatively quiet except for energy futures which fell sharply.  Crude oil led the market down as reported inventories were bigger than expected and Saudi Arabia has reportedly been working to supply the world market with plenty of oil.  Stocks of gasoline and distillates were down in today’s report.

  Live cattle futures closed mostly higher on trader optimism that cash cattle price will trend higher.  Boxed beef values rose again today.

  Trader optimism is alive in Lean Hog futures as prices moved higher again today without support from the Pork Cutout or cash hogs.

Corn Dec +16.5 756.5 (739.5-759); Mar +15 759; Dec’13 +7 640

Bean Nov +29.5 1669.5 (1643-1676); Mar +27 1627; Nov’13 +21 1366   Meal Oct +8 500 (492-504); May +5 448   Oil +92 5583

Wheat Dec +18 881; Jly +20.5 866.5 (847-867.5)   KC +21 910;  MGE +17.5 942

LC Oct -5 12635; Dec +22 12910; Apr +40 13612

FC Sep -45 14482; Oct -37 14700; Jan -45 15050; Mar -57 15317

LH Oct +65 7475; Feb +90 8070; Jun +45 9717

Milk Sep +6 1892; Oct +28 2025

Oats +2 376

Rice +17 1512

 US$ -.1%

Dow +13 13578

SP +2 1461

NAS +5 3183

Tran +20 5103

 VIX -.30 13.88

WTI -353 9176

Brent -397 10806

Gas -7 283

NG +2 279

HO -8 305

Eth steady 228

Gold +2 1770

Slvr -8 3463

2-yr +.004 0.262%

5-yr -.016 0.686%

10yr -.038 1.773%

30yr -.047 2.963%

 IMPORTANT NEWS   USDA announced the NASS and World Agricultural Outlook Board (WAOB) will begin issuing some major USDA reports at 12:00 p.m. EDT beginning in January 2013.  The current release time of 8:30 a.m. EDT will remain in effect until January 1, 2013.     Reports affected are: World Agricultural Supply and Demand Estimates (WASDE), Acreage, Crop Production, Grain Stocks, Prospective Plantings, and Small Grains Summary.     Livestock reports currently released at 3:00 p.m. will remain at that time.

 August Milk Production Down 0.2 Percent

  Milk production in the 23 major States during August totaled 15.3 billion pounds, down 0.2 percent from August 2011. July revised production at 15.5 billion pounds, was up 0.7 percent from July 2011. The July revision represented a decrease of 24 million pounds or 0.2 percent from last month's preliminary production estimate.   Production per cow in the 23 major States averaged 1,803 pounds for August, 10 pounds below August 2011.    The number of milk cows on farms in the 23 major States was 8.50 million head, 32,000 head more than August 2011, but 4,000 head less than July 2012.

 

Tagged Post Topics Include: Economics, Market updates