Market Closes - September 4, 2015

Posted on Sep 4, 2015
CBOT futures closed narrowly mixed ahead of the 3-day weekend. Markets quieted down with China on holiday yesterday and today. Soybean, meal and soyoil futures dropped sharply when the day session opened, made a few rally attempts but closed weakly at/near the day’s lows. Wheat futures did trade to new contract lows but reversed to close higher on technical buying. Corn and soybean futures are barely above critical chart support. Will this support hold up until Friday’s USDA Crop Report?

Financial traders are concerned what might happen with China’s stock market on Monday since they’ve been closed the last 2 days as the US market dropped. If Monday turns out “bad”, there’s a chance it could weigh on commodity futures. The CFTC report implies that the large spec funds are long corn but short soybean futures, as well as short wheat.

Live and Feeder cattle futures closed moderately lower after a one-day respite from this week’s down market. Futures are now near the low end of the trading range but still above the lows set last week. Boxed beef was weaker today; Choice down 0.74 at 240.07 and Select down 0.05 at 228.39.

Lean Hog futures closed slightly lower; this is the second day of lower prices after LH futures topped out on Wednesday. Although October LH futures are discounted to the cash market, further strength may be difficult with most other markets under pressure. FOB Plant Pork closed up .06 at 85.31.

Corn Dec +2 363; Jly +1 386; Dec16 unch 388 Bean Nov -3 866; Jly -3 876; Nov16 -3 860 Meal -2 308 Oil -32 2653 Wheat Dec +2 468; Jly +2 487 KC +7 475; MGE +3 503 Oats unch 223 Rice +5 1211

LC Oct -112 14047; Feb -102 14270; Apr -90 14177 FC Sep -120 20135; Oct -162 19570; Jan -145 18675 LH Oct -30 6915; Dec -67 6335; Feb -25 6780 Milk Sep -1 1617; Oct -22 1637

 

US$ -.2% Dow -272 16102 SP -30 1921 NAS -50 4684 Tran -77 7794 VIX +2.19 27.80 +8.5%

WTI -98 4577 Brent -137 4931 Gas -3 141 NG -7 265 HO -3 159 Eth +1 145 Gold -3 1121 Slvr -16 1455

2-yr +.009 0.709% 5-yr -.016 1.471% 10yr -.037 2.131% 30yr -.055 2.892%

Tagged Post Topics Include: Economics, Market updates