Market Closes - September 25, 2012

Posted on Sep 25, 2012
  CBOT closes are little changed from Monday’s.  Not much action in the outside markets while the CBOT was open. But energy and equities continued to trade lower the rest of the afternoon as concerns seemed to rise as protests erupted in Spain.  Money moved into Treasuries in the “risk off” trade.

  Harvest 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