Market Closes - November 1, 2016

Posted on Nov 1, 2016

Corn and soybean futures closed sharply lower and near the day’s lows on heavy fund selling amid profit-taking. The selling started in the soybean market and quickly overcame the corn market. November soybeans traded down to the key 200-day moving average; we need this level to hold. Price weakness came despite the sharp drop in the US Dollar Index (-.7%). The tail end of the corn/bean harvest is adding pressure with ground piles growing.  

Cattle futures soared higher today during the first hour of trading, sold off midday and then rallied into the closing bell to settle near the day’s highs. Markets were supported by higher boxed beef and optimism that cash cattle will trade higher this week. Choice rose .77 to 185.53 and Select gained .31 to 173.32.

Lean Hog futures fell sharply, closing near the day’s lows. Selling kicked in when Monday’s highs couldn’t be surpassed.  Traders were happy to book their profits from a $7/cwt rally in the last 7 trading days. The selling occurred even as prices improved for pork and cash hogs. FOB Plant Pork gained .43 to 74.45 with ham value up 7 percent.

Corn Dec -6 349 (347-55); May -4 365

Bean Nov -18 984 (983-1005); May -17 1006

  Meal -7 309

  Oil  -32 3485

Wheat Dec -2 414; Jly -2 459 (457-64)

  KC -1 414; MGE -7 519

Oats -1 219

Rice -25 960

 

LC Dec +220 10552; Feb +232 10645; Apr +197 10575

FC Nov +432 12617; Jan +442 12042; Apr +440 11620

LH Dec -150 4645; Feb -192 5270; Apr -185 6020

Milk Nov +25 1629; Dec +15 1603


US$ -.7%

Dow -105 18037

SP -14 2112

NAS -36 5154

Tran -50 8008

  VIX +1.50 18.56  +8.8%

WTI -53 4633

Brent -71 4790

Gas +4 146

NG -16 287

HO unch 151

Eth unch 163

Gold +17 1290

Slvr +58 1837

 

2-yr -.012 0.837%

5-yr -.019 1.294%

10yr -.007 1.827%

30yr -.011 2.577%

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