Market Closes - September 4, 2012

Posted on Sep 4, 2012
  The soybean futures market started out Sunday night with a bullish tone (hitting new record highs), but prices softened through the night and set lows about noon today. Corn, wheat and soybean futures all shot higher at the 930 am opening of the pit trade but were headed lower 40 minutes later.  Of note is the sharp drop in the Nov-Jan premium to March forward contracts.  So long as export demand remains strong for soybeans and U.S. crop sizes remain uncertain, these markets should find support on any price setbacks. Watch the charts for support levels, especially for corn futures.

  Cattle futures managed small gains today as traders expect cash markets to remain firm.  Boxed beef also moved higher today so Labor Day weekend consumption must have been good.  Choice up 0.83 at 190.45; Select up 1.23 at 180.69.

  Despite the growing supply of pork, Lean Hog futures closed little changed. The Pork Cutout value dropped 85 cents to $80.63/cwt.

  Outside markets were mixed today with mostly negative economic news but investors were moving into gold and silver.  The VIX index moved higher as a sign of growing worry about the direction of the equity markets; the VIX still remains at a relatively low level.  

** Grain bids are basis the December, so September futures will not be quoted **

 Corn Dec +5 805 (797-815); May +8 803; Dec’13 +7 657

Bean Nov +12 1768 (1755-1789); Jan +15 1766; Mar +28 1712; Nov’13 +27 1382

  Meal Oct -2 534   OIL Oct +113 5778

Wheat Dec -1 889 (881-904); Jly +4 862     KC Dec +1 907;  MGE +.5 949

LC Oct +15 12617; Feb +45 13270; Apr +45 13635

FC Sep +40 14500; Nov +47 14827; Mar +47 15340

LH Oct +2 7420; Dec +5 7245; Feb -32 8000

Milk Sep +8 1897; Oct +19 1995

Oats Dec -2 395 (384-414) ** A 30-cent trading range !!

Rice -11 1517 

US$ +.2%

Dow -55 13036

SP -2 1405

NAS +8 3075

Tran +1 5008

 VIX +.51 17.98

WTI -81 9566

Brent-148 11430

Gas -2 296

NG +5 285

HO -2.5 315.5

Eth +1 257

Gold +11 1696

Slvr +92 3231

2-yr +.008 0.234%

5-yr +.027 0.615%

10yr +.025 1.574%

30yr +.014 2.683%

Tagged Post Topics Include: Economics, Market updates