Market Closes - November 3, 2016

Posted on Nov 3, 2016

CBOT futures closed mixed with price direction following the lead of this morning’s USDA weekly export inspections report. Corn and soybean export inspections came in above expectations, while the wheat export number was disappointing. Corn and soybean futures traded narrow ranges and charted “inside days”. Wheat was also pressured by some rain in the Plains.  Gains in corn/beans were limited by traders being reminded of the huge supplies as private analysts confirmed their large production estimates.

 

Cattle futures closed strongly lower but off the day’s lows. Despite today’s losses, cattle are still in the middle of this week’s price range or higher. Boxed beef values were higher and cash cattle look to trade steady to higher, or $105+. Choice beef rose 1.30 to 188.74 and Select lost .06 to 173.87.  

 

Lean Hog futures closed mixed with the December LH leading to the downside with a loss of 82 cents. June 2017 and beyond closed slightly higher. LH futures have alternated between up days and down days this week, resulting in generally sideways trade. LH futures traded weaker under pressure from cattle futures and by yesterday’s sharp drop in pork values. But pork values bounced back today. FOB Plant Pork gained 1.28 at midday, but only .83 this afternoon, closing at 73.41 with gains in all cuts but the loin.

Corn Dec +2 348; May +1 364

Bean Jan +3 989; May +3 1003

  Meal unch 306

   Oil +12 3510

Wheat Dec -6 412; Jly -3 458 (455-65)

  KC -5 410; MGE -7 510

Oats -2 222

Rice +10 954

 

LC Dec -130 10407; Feb -102 10527; Apr -102 10510

FC Nov -72 12585; Jan -217 11875; Apr -177 11575

LH Dec -82 4700; Feb -50 5350; Apr -22 6090

Milk Nov +26 1659; Dec +27 1634

US$ -.3%

Dow -29 17931

SP -9 2089

NAS -47 5058

Tran +27 8053

  VIX +2.75  22.07   +14.2%

 

WTI -67 4467

Brent -48 4638

Gas -3 142

NG +2 282

HO -1 146

Eth -3 158

Gold -5 1304

Slvr -34 1835

 

2-yr -.011 0.810%

5-yr +.002 1.263%

10yr +.013 1.812%

30yr +.038 2.603%

 

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 11/01/16
   Receipts:  1592   Last Week:  1397   Year Ago:  5276 

Compared to last week steer and heifer calves sold steady to 2.00 higher with moderate demand; 400-500 lb steer and bull calves in good demand.  Yearlings sold steady with moderate demand.  Quality was average through good.  Slaughter cows and slaughter bulls sold steady to 4.00 lower with light demand.

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