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MARKET WRAP

From Daily Futures:

U.S. Economy
An index of national activity from the Chicago Federal Reserve slipped from -.56 to -.90 in August, the 26th consecutive month of below-trend growth. The December 2010 eurodollars are steady.

In spite of today’s higher stock market, the December U.S. T-bonds closed at their highest level in five months with concerns that the economy will continue to struggle.

Grains and Cotton
The USDA said that 225,000 tons of U.S. soybeans were sold to China. November soybeans ended down 6.5 cents at $9.195.

The USDA said that last week’s export inspections for:
Corn totaled 29.6 million bushels, down 29% from a year ago.
Soybeans totaled 7.4 million bushels, down 11% from a year ago.
Wheat totaled 24.0 million bushels, up 1% from a year ago.

After its annual crop tour, the U.S. Grains Council estimated China’s corn crop at 149 million tons, less than the USDA estimate of 160 million tons and last year’s crop of 166 million tons. December corn was up 4.75 cents at $3.387.

Livestock
After Friday’s close, the USDA said that there were 66.626 million head of hogs and pigs as of September 1st, down 2.3% from a year ago and less than expected. October hogs were up most of the day, but ended down .07 at 49.87.

Last month’s survey by the U.S. Meat Export Federation showed that 30% of Japanese consumers feel safe eating U.S. beef, up from 12% three years ago. What would encourage them to feel safer? Official approval from their own government. October cattle were up .05 at 86.10.

Sugar
March sugar jumped up .93 to 24.10 while tight world stocks continue to dominate the market.

Energies
Iran test fired Shahab-3 missiles earlier today with a 2,000 kilometer range, capable of reaching Israel and other targets around the Middle East. This adds to the tensions created by Friday’s disclosure that they have a second nuclear facility near Qom. November crude oil is steady to higher.

Will the U.S. be able to find storage for all of its natural gas this fall? See the article from Bloomberg news. November natural gas is steady to lower.

Currencies
Japan’s new Finance Minister has made it clear that he does not want to intervene in the yen, but he may be increasingly tested as the rising yen makes life harder on exporters. The December yen is steady to higher.

Source: DF

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