Market Update - mostly lower, midday August 27, 2012

Posted on Aug 27, 2012
Corn Sep -3 799; Dec -3 805 (hi 818); May -2 799.5 Bean Sep -8 1730; Nov -13 1719 (hi 1760.5); May +1 1546 Meal -3 530 Oil -19 5605 Wheat Sep -6 861; Dec -5 883; Jly -1 851 KC -2 874; MGE -3 915 LC Aug -27 11960; Oct -30 12415; Feb -30 13140 FC Aug -7 14042; Oct +5 14447; Jan +12 14840 LH Oct +100 7337; Dec +52 7110; Feb +37 7890 Milk Sep -3 1907; Oct -11 1990 Oats -4 384 Rice -7 1534

Outside markets are a mixed bag with the US dollar steady, crude oil down, but gasoline up sharply due to Isaac heading for refiners. CBOT grain and oilseeds were up strongly overnight, but accelerated to the downside after the opening of the pits at 930 am. Futures are near the lows of the day. I have not seen a reason for this weakness. Will Isaac's rain going up the Mississippi River Valley "make" a bunch of soybeans? Note that the soybean charts could post bearish reversals after hitting new highs if the lower prices carry through to the close at 2 pm CT. Expect volatile trade. Cattle futures have traded narrow ranges so far today, while Lean Hog futures have just expanded their ranges to the upside led by the October contract. Cattle futures are pressured by weakness in boxed beef values on Friday.

US$ steady Dow +.1% SP +.3% NAS +.4% Tran -.5% VIX +4% 15.80 WTI -104 9511 Brent -93 11266 Gas +8 316 NG -3 267 HO +1 312 Eth -1 259 Gold +1 1671 Slvr +52 3114 5-yr -.029 0.681% 10yr -.036 1.651% 30yr -.045 2.755%

Tagged Post Topics Include: Economics, Market updates