Market Update - September 25, 2012

Posted on Sep 25, 2012
  CBOT futures are mostly lower as funds continue to trim their long positions.  Harvest is progressing quickly with dry weather.  The November Soybean contract traded below $16.00 yesterday – this was the target of the head-and-shoulders top previously discussed.  Yesterday’s low of $15.90 is now support.

  Cattle futures are trading lower on weak beef markets and a break below chart support in the October LC. $123.35 is the next level of support.

  Lean Hog futures are slightly lower despite the strength seen Monday in cash hog and pork markets.

Corn Dec -2.5 742; Mar -3 746; Dec’13 -2.5 636

Bean Nov unch 1610; Mar +1 1573; Nov’13 -3.5 1349  Meal Oct +2.4 484; May +2.4 443.5   Oil -49 5327

Wheat Dec -7 885; July -7 857   KC -6 907; MGE -7 943

LC Oct -100 12430; Feb -102 13065

FC Sep -35 14342; Oct -107 14632; Jan -112 15020

LH Oct -10 7640; Feb -32 8095

Milk Oct +60 2074; Nov +52 2083

Oats +2 378

Rice -14 1504

US$ -.1%

Dow +.1%

SP +.1%

NAS +.1%

Tran +.6%

 VIX +.7% 14.25

WTI -.1%

Brent +.5%

Gas +1.2%

NG +1.6%

HO +.3%

Eth +.1%

Gold +.3%

Slvr +.5%

5-yr +.016 0.670%

10yr +.009 1.723%

30yr +.011 2.912%

 Blue Grass Stockyards Cattle Auction Report for 09/24/2012 Receipts:  1,350   Last Monday:  1,309   Year Ago:  1,159

   Compared to last week, steer and heifer calves sold about steady with good demand on good quality offerings; however more plain to average quality calf offerings today compared to last week.  Yearling steers sold steady in a light test with good demand.  Yearling heifers sold steady to firm with good demand.  Slaughter cows sold 2.00 to3.00 lower with light demand.  Slaughter bulls sold 2.00 lower with moderate demand.

   Total supply included 12% slaughter cows, 03% slaughter bulls, 02% replacements and 83% feeders.  Feeder supply 31% steers, 27% bulls, 42% heifers with 33% of feeders weighing over 600 lbs.

 

Tagged Post Topics Include: Economics, Market updates