Market Update - September 5, 2012

Posted on Sep 5, 2012
CBOT futures are lower on profit-taking given a lack of bullish news today. While soybean futures moved to new record highs yesterday, the market didn’t hold those gains.  Corn and wheat futures are not technically strong right now as prices have moved down toward chart support.  On December Corn, watch 7.93, 7.86, 7.81, 7.71 and 7.45 ½ for lines of support should corn futures sell off.  December has already traded down to 7.91 ½ today, but recovered.

Cattle futures are mostly higher as the beef market firmed up Tuesday.

Lean Hog futures are down again on weak cash fundamentals.

Financial markets are little changed today as traders wait for potential news on Thursday from Europe on the ECB’s plan to buy sovereign bonds of the troubled countries.  Friday’s U.S. jobs report is also highly anticipated.

Corn Dec -9 796 (791.5-806.5); Mar -9 799

Bean Nov -17 1751 (1747-1770); Mar -17 1695

Meal -6.5 527.4

Oil -26 5752

Wheat Dec -15 874; Jly -5 857 KC -11 896;  MGE -11 937

LC Oct +25 12642; Feb -5 13265

FC Sep +20 14520; Jan +42 15070

LH Oct -27 7392; Feb -115 7885

Milk Sep -8 1889; Oct unch 1995

Oats -8 387

Rice -19 1498

US$ -.2%

Dow +.2%

SP +.1%

NAS steady

Tran -.6%

VIX -2.5% 17.52

WTI -.1%

Brent -.5%

Gas +.2%

NG -1.3%

HO -.6%

Eth -1%

Gold unch

Slvr -.3% 5-yr +.006 0.622%

10yr +.046 1.594%

30yr +.027 2.710%

Tagged Post Topics Include: Economics, Market updates