Market Closes - September 19, 2016
Posted on Sep 19, 2016CBOT futures closed mixed. Soybean futures closed slightly higher with support coming from the soybean oil market which rallied on rising palm oil prices. Otherwise, the advancing harvest of record crops weighed on the market. As of Sunday, corn was 9% harvested and 4% of soybeans were out of the field. Technically, soybean futures are above the key 200-day moving average which may serve as support. The November Soybean contract has first resistance at 9.90, then $10.00. December Corn has resistance at 3.43 hit last week.
Crop Progress for week ending Sept 18
U.S. Corn
. Mature Harvested
This Week 53% 9%
Last Year 48% 9%
5-year Avg. 48% 12%
U.S. Soybeans
. Dropping Leaves Harvested
This Week 46% 4%
Last Year 50% 6%
5-year Avg. 43% 5%
U.S. Pasture and Range
51% good/excellent vs 46% year ago.
18% poor/v.poor vs 20% year ago.
Live Cattle futures closed mixed with the four contracts through April 2017 settling between $107.25-107.90. The day’s highest prices occurred near the opening bell; then profit-taking kicked in and kept prices lower. While futures were supported by Friday’s sharp jump in cash cattle price, a weaker Choice beef market encouraged caution. Choice dn 0.65 at 185.55; Select up 0.79 at 179.17. Feeder Cattle futures closed lower with price action looking negative on the charts.
Lean Hog futures closed sharply lower and near the day’s lows. Futures opened higher in sympathy with cattle futures. Markets were pressured by weaker cash hog prices amid large market receipts. FOB Plant Pork closed down .07 to 80.27. New contract lows were set in several LH contracts.
Corn Dec unch 337 (332-40); Mar unch 347
Bean Nov +6 972 (966-81); Mar +8 981
Meal -2 312
Oil +85 3283
Wheat Dec +1 404; Jly -1 448 (444-53)
KC -1 416; MGE unch 492
Oats -3 173
Rice -5 976
LC Oct +2 10790; Dec -70 10735; Apr +15 10725
FC Sep -5 13545; Oct -117 13177; Jan -27 12592
LH Oct -55 5492; Dec -177 4817; Feb -170 5267
Milk Oct -33 1574; Nov -23 1601
US$ -.2%
Dow -4 18120
SP unch 2139
NAS -10 5235
Tran +22 7792
VIX +.16 15.53
WTI +27 4330
Brent +13 4590
Gas -4 142
NG -1 293
HO -1 139
Eth -1 150
Gold +8 1318
Slvr +43 1929
2-yr unch 0.778%
5-yr +.006 1.216%
10yr +.006 1.707%
30yr +.002 2.453%
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