Market Update & 7-day Rainfall - September 4, 2012

Posted on Sep 4, 2012
 

  Soybean futures are leading the CBOT higher today after prices moved to new highs in the overnight session. Corn and wheat futures are higher but still some distance from chart resistance.  The tight supply-demand situation should keep prices firm into next Wednesday’s USDA Crop Report.

  Live and feeder cattle futures are slightly higher as traders believe the cash cattle markets are strengthening even if boxed beef is not.

  Lean Hog futures continue downward on very weak supply-demand fundamentals.

  The outside markets are somewhat bearish today after responding to disappointing economic reports from the U.S. and China.  Adding to risk-off trade is nervousness over the Euro zone sovereign debt situation.  A news story today talks about the amount of money and people leaving Spain.  Moody’s lowered its outlook for the European Union to Aaa-negative.  The ECB is expected to announce a bond purchase program on Thursday.

Corn Sep +12 815; Dec +12 812; May +12 807

Bean Sep +16.5 1781; Nov +19 1776; May +32 1622

  Meal +1 548   Oil +86 5728

Wheat Sep +7 877; Dec +9 899; Jly +7 865        KC +9 890; MGE +13 945

LC Oct +20 12622; Feb +30 13255

FC Sep +32 14492; Nov +30 14810; Apr +40 15440

LH Oct -45 7372; Dec -50 7190

Milk Sep +1 1890; Oct +10 1986

Oats +15 412

Rice -3 1498

US$ +.2%

Dow -.7%

SP -.6%

NAS -.6%

Tran -.9%

 VIX +6.7% 18.64

WTI -1.3%

Brent -.9%

Gas +.4%

NG +2%

HO -.2%

Eth +1%

Gold +.4%

Slvr +2.1%

5-yr +.017 0.606%

10yr +.015 1.564%

30yr +.011 2.679%

7-day Rainfall according to NOAA: http://www.srh.noaa.gov/ridge2/RFC_Precip/

Tagged Post Topics Include: Economics, Market updates