Market update & Rainfall update - August 30, 2012

Posted on Aug 30, 2012
 

Soybean futures have experienced volatile trade today with 30+ cent ranges. Futures have moved to new highs which is friendly.  However, the September contract did stop at the 17.78 resistance point on the weekly continuation chart. Corn and wheat futures are marginally higher on follow-through buying off yesterday’s strong gains.  Traders will watch closely the path of Isaac and reports of field losses due to the high winds.

  Cattle futures are mixed with little change other than the August LC contract which expires tomorrow. Boxed beef values have drifted lower, but feedlots are asking higher money than last week’s trade.

  Outside markets are a bearish influence today with a stronger US dollar, lower crude oil, metals and equities.  Market participants are eager to hear Fed Chairman Bernanke on Friday morning for signs of additional quantitative easing.  Today’s weakness may indicate he is less likely to “ease”.

Corn Sep +4 814; Dec unch 814; May +.5 806

Bean Sep +12 1775; Nov +12 1765 (1735-1768); May +14.5 1582

  Meal +5 548.5

  Oil +1 5665

Wheat Sep +3.5 889; Dec +1.5 907; Jly +1 860

  KC unch 896; MGE -.5 940

LC Aug +102 12042; Oct +7 12557; Feb -15 13210

FC Sep -2 14367; Oct +5 14485; Jan -15 14890

LH Oct +60 7430; Dec +47 7150

Milk Sep -11 1925; Oct -5 2029

Oats -1 386.5

Rice -29 1493

US$ +.2%

Dow -.7%

SP -.7%

NAS -.9%

Tran -.8%

 VIX +3.3% 17.62

WTI -1.2%

Brent +.2%

Gas -.6%

NG +.8%

HO +.2%

Eth +.3%

Gold -.4%

Slvr -1.5%

5-yr -.024 0.670%

10yr -.026 1.627%

30yr -.029 2.737%

Tagged Post Topics Include: Economics, Isaac, Market updates