Market Update - October 2, 2012

Posted on Oct 2, 2012
  The CBOT looks a lot like Monday’s board where corn futures are holding near steady but wheat and soybean futures are down double digits.  The rapid pace of harvest (41% soybeans, 54% corn) and rain in South America improving prospects for a huge crop are weighing on the market. Also China is on holiday, so export sales are less likely.

  Soybean futures broke chart support and collapsed very early this morning to $15.26 ½ before recovering throughout the morning. Spec funds are likely liquidating part of their positions.

   Cattle futures are higher on follow-through buying after Monday’s gains. There’s little fundamental news to go on.

  Lean Hog futures continue higher again today as cash hog markets improve and slaughter numbers back off.

Corn Dec unch 757; Mar -1.5 758.5; Dec’13 -1 630

Bean Nov -15 1545 (low 1526.5); Mar -16.5 1513; Nov’13 +3 1332  Meal Oct -5 470; May -4 436  Oil -29 5043

Wheat Dec -13 871; Jly -8 846 (lo 841)   KC -17 890; MGE -11 926

LC Oct +37 12340; Feb +37 12992

FC Oct +55 14522; Nov +77 14640; Jan +72 14885

LH Oct +95 7852; Feb +70 8272

Milk Oct -8 2105; Nov -4 2096

Oats -7 359

Rice +13 1537

US$ -.3%

Dow -.4%

SP steady

NAS +.1%

Tran -.3%

 VIX -.7% 16.20

WTI +.1%

Brent -.2%

Gas -1%

NG +.4%

HO +.1%

Eth +.2%

Gold -.2%

Slvr -.3%

5-yr unch 0.615%

10yr -.002 1.616%

30yr unch 2.813%

 

 

Tagged Post Topics Include: Economics, Market updates