CBOT futures closed mixed with soybeans and meal leading the way on the downside, adding to Tuesday’s sharp losses. The November Soybean contract closed below the 200-day moving average, but January Soybean closed just above the 200-day. January is the lead month used for cash prices. A large drop in crude oil futures weighed on the market even though ethanol production was very strong in the latest period. Traders may be reducing their position risk ahead of next week’s Election and Wednesday’s USDA reports.  Wheat futures edged higher on short-covering as dry weather hurts winter wheat development.  The USDA weekly Export Sales report will be closely watched Thursday morning.

Cattle futures closed mostly higher with the best gains coming in deferred contracts. Prices were supported by very strong boxed beef values and expectations for steady to higher cash cattle markets. Choice Beef jumped 1.91 to 187.44 and Select gained .61 to 173.93.

Lean Hog futures closed higher, erasing much of Tuesday’s large losses. December futures remain about $3.00/cwt discount to the cash market.  A late-day sell-off in pork values could weigh on LH futures tomorrow.  FOB Plant Pork dropped a big 1.87 to 72.58 as hams fell 7% and picnics dropped 5%.  This cutout was only down .49 at midday.

Corn Dec -3 346; May -2 363

Bean Jan -7 986; May -6 1000

  Meal -3 307

  Oil +13 3498

Wheat Dec +3 418; Jly +2 462

  KC +2 415; MGE -2 517

Oats +5 224

Rice -16 944

 

LC Dec -15 10537; Feb -15 10630; Apr +37 10612

FC Nov +40 12657; Jan +50 12092; Apr +132 11752

LH Dec +137 4782; Feb +130 5400; Apr +92 6112

Milk Nov +14 1641; Dec +9 1610

US$ -.3%

Dow -77 17960

SP -14 2098

NAS -48 5106

Tran +17 8026

VIX +.76 19.32  +4.1%

 

WTI -117 4550

Brent -104 4710

Gas -4 145

NG -12 278

HO -5 147

Eth -3 160

Gold +10 1298

Slvr +7 1849

 

2-yr unch 0.825%

5-yr -.020 1.266%

10yr -.017 1.803%

30yr -.005 2.566%

The Federation of State Beef Councils’ executive committee voted to invest nearly $1 million in new promotions, several aimed at Asian export markets, to boost demand for beef at a time of increasing supplies and low cattle prices. The federation, a division of the National Cattlemen’s Beef Association (NCBA), said it earmarked $940,000 of reserve funds for the new demand-building effort. NCBA is a contractor to the Beef Checkoff Program.
 

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