Market Closes - September 25, 2012
Posted on Sep 25, 2012Harvest pressure will weigh prices down, but both December Corn and November Soybeans have chart support right below the current market prices.
This Friday morning USDA will release its Quarterly Grain Stocks Report. There shouldn’t be any big surprises, but anything’s possible.
Cattle futures fell sharply today with the December contract locking down the $3.00 limit. Live Cattle futures trended lower throughout the day with selling leading to more selling as key technical price levels were violated. The next support is $122.15, then $119.50 at the triple-bottom. This contract peaked at $128.77 less than two weeks ago.
Although the Pork Cutout value has been trending higher and cash hog prices have bumped higher, Lean Hog futures closed lower under pressure from the neighboring commodities. The $5-6 rally in LH futures this month may be need some sideways or lower trade before the rally can extend.
Corn Dec -1 744; Mar -1 747.5; Dec’13 +.5 639
Bean Nov +1.5 1611.5; Mar +4 1576.5; Nov’13 unch 1352 Meal Oct +3.6 485; May +5 446 Oil -67 5309
Wheat Dec -5.5 886; Jly -4 860.5 KC -2 911; MGE -8 942
LC Oct -260 12270; Dec -300 limit 12540; Apr -240 13302
FC Sep -57 14320; Oct -222 14517; Jan -212 14920
LH Oct -22 7627; Dec -70 7465; Apr -85 8667
Milk Oct +58 2072; Nov +59 2090
Oats +2 378
Rice -30 1488
US$ +.1%
Dow -101 13458
SP -15 1442
NAS -43 3118
Tran -44 4917
VIX +1.28 15.43
WTI -103 9090
Brent +12 10993
Gas +6 298
NG +11 295
HO unch 310
Eth +1 226
Gold -2 1760
Slvr -19 3380
2-yr unch 0.266% 5-yr -.008 0.646% 10yr -.043 1.671% 30yr .049 2.851%
Blue Grass Stockyards Cattle Report for 09/25/2012 Close
Receipts: 1,259 Last Tuesday: 934 Year Ago: 1,727
Compared to Monday, steer calves sold steady with good demand. Heifer calves sold steady with good demand. Yearling steers and heifers sold steady in a limited comparison. Slaughter cows sold steady with light demand. Slaughter bulls sold steady with moderate demand.
Total supply included 08% slaughter cows, 01% slaughter bulls, 01% replacements and 90% feeders. Feeder supply 52% steers, 08% bulls, 40% heifers with 61% of feeders weighing over 600 lbs.
Tagged Post Topics Include: Economics, Market updates
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