Markets Await Jobs and Export Data

September 7, 2012 12:42 AM
 

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Overnight highlights. Following are highlights of overnight trade (as of 5:45 a.m. CT) and opening livestock calls:

Corn: Narrowly mixed. Corn is narrowly mixed this morning in lackluster trade. Futures are working on slight losses for the week. The start of harvest across the Corn Belt and concerns prices are rationing supplies, as well as traders preparing for next week's reports, as traders reevaluating positions. December corn is hovering just beneath $8.00 this morning.

Soybeans: 8 to 13 cents lower. Soybean posted a solid recovery late yesterday on help from outside markets. The U.S. dollar index is weaker again this morning as investors wait on the monthly jobs data. Meanwhile, traders will be gauging the weekly export sales data for demand signals -- particularly to see China's purchases. Futures are currently poised to post slight losses for the week.

Wheat: Mixed. Futures are mixed this morning in lackluster trade, following corn. December Chicago wheat is pivoting around yesterday's high and hovering just beneath $9.00 as buying is limited. Tightening supplies in the Black Sea region provided the bulk of yesterday's support, with traders also keeping a close eye on outside markets.

Live cattle: Mixed. Futures are expected to see a choppy start as traders wait on cash cattle trade to begin. Nearby futures are trading at a premium to last week's $123 cash trade, as they expect further gains to be made this week due to strength in the beef market.

 

Lean hogs: Mixed. Following yesterday's sharp drop, lean hog futures are due for a short-covering bounce, but attitudes are increasingly bearish in the hog pit. Hog slaughter is running well ahead of expectations due to increased sow liquidation. This is weighing heavily on the pork and cash markets, although pork cutout firmed 50 cents yesterday -- but it down sharply for the week.


 

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