Market Closes - September 19, 2016

Posted on Sep 19, 2016

CBOT 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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