Market Closes - October 1, 2015

Posted on Oct 1, 2015
CBOT futures closed mixed with the soy complex closing on the lows of the day. Corn and soybeans face harvest pressure and overhead chart resistance. Soybeans are pressured by ideas that yields are great and export sales are lagging year-ago levels. Wheat futures extended the 3-week rally, finding support from yesterday’s USDA reports lowering production and stocks estimates.

Cattle futures closed mixed with the closest 3-4 contracts falling and the deferred contracts posting small gains. The nearby Live Cattle market is weighing on the complex as bearish momentum and weaker cattle and beef markets promote selling. Some cash sales have been reported $6/cwt below last week. The October LC contract has fallen nearly $20/cwt in 2 weeks. Today, choice beef dropped 1.07 to 207.55 and Select fell .99 to 203.21. Since mid-September, choice has dropped over $26/cwt. Technically, the October LC contract has fallen near an area of chart support on the Monthly Continuation Chart near $118.70.

Lean Hog futures closed lower to varying degrees. This followed yesterday’s push to new highs but closes on the negative side. The losses in cattle futures may have also hurt hog futures. But tomorrow’s market may find support from stronger pork values this afternoon. FOB Plant Pork gained 1.55 to 86.41 on stronger values for hams and bellies.

Corn Dec +1 389; Jly unch 411; Dec16 unch 411 Bean Nov -15 877; Jly -11 893; Nov16 -10 883 Meal -6 303 Oil -1 2709 Wheat Dec +5 518; Jly +3 530 KC +6 507; MGE +4 531 Oats -6 221 Rice +10 1330

LC Oct -327 12140 (low 12030); Feb -47 13280; Apr -15 13242 FC Oct -77 17740; Jan -37 16690; Apr +47 16652 LH Oct -90 7262; Dec -220 6452; Feb -182 6720 Milk Oct +8 1556; Nov -1 1571

US$ -.1% Dow -13 16272 SP +4 1924 NAS +7 4627 Tran +47 7833 VIX -1.95 22.55 -8%

WTI -7 4502 Brent -39 4798 Gas +3 139 NG unch 256 HO +1 151 Eth +1 153 Gold -1 114 Slvr -2 1449

2-yr +.004 0.649% 5-yr -.005 1.370% 10yr -.018 2.042% 30yr -.025 2.853%

Lexington, KY - Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 09/29/15 Receipts: 2840 Last Week: 2311 Year Ago: 2724 Compared to last week steer calves under 650 lbs traded 10.00-15.00 lower with very light demand over 650 lbs sold 5.00 lower in a limited comparison. Heifer calves sold 5.00-15.00 lower with very light demand. CME cattle futures continue falling which has drastically affected local makets over the last few weeks. Red-hided, pink-nose Charolaise, off-colored, small-frame and fleshy calves fetching drastically lower prices than good quality black-hided calves. Slaughter cows and slaughter bulls sold 3.00-5.00 lower with light demand.

Tagged Post Topics Include: Economics, Market updates