Market Update and Crop Production - September 12, 2012

Posted on Sep 12, 2012

  

 

  Today’s CBOT price action is the result of this morning’s USDA Crop Report and WASDE update.  The reports are considered a bit bearish corn but friendly to soybean prices. With November Soybeans up sharply after trading lower earlier, the chart will look very positive (bullish key reversal) with a test of the all-time highs possible – it’s already half way there.

  Live Cattle futures are trading mixed.  The October contract is taking a breather after the recent $3.00/cwt rally in futures.  Cash cattle need to keep edging higher to support futures.  Feeders are higher on the lower corn price.

  Treasury yields are up sharply today even as traders believe the FOMC will announce quantitative easy tomorrow afternoon.  The German court approved Germany’s participation in the ECB’s bailout fund.  More money printing in Europe and the U.S. is supportive to commodity and equity values.

 

Corn Dec -10 767; Mar -11 770; Dec’13 -8 647

Bean Nov +43 1745; Mar +37 1686; Nov’13 +21 1367   Meal +15 533   Oil +69 5616

Wheat Dec -9 874; Jly -6 857   KC -4 900;  MGE -1 934

LC Oct +7 12717; Feb -12 13245

FC Sep +45 14510; Oct +95 14730; Jan +75 15055

LH Oct +15 7287; Feb +15 7742

Milk Sep -3 1878; Oct -4 1920

Oats +1 389

Rice +21 1493

US$ -.2%

Dow +.2%

SP +.2%

NAS +.1%

Tran +.4%

 VIX -1.9%  16.09

WTI steady

Brent +.5%

Gas steady

NG -1%

HO +.9%

Eth -1.3%

Gold unch

Slvr -1.5%

5-yr +.046 0.686%

10yr +.095 1.749%

30yr +.104 2.909%

 

Tagged Post Topics Include: Economics, Market updates