Market Closes - October 10, 2016

Posted on Oct 10, 2016

CBOT futures closed mixed amid active corn and soybean harvest. With USDA closed today, there wasn’t any export news or Crop Progress reported.  Chicago Wheat futures led the market with strong gains on short-covering (near record short position). Chicago Wheat moved back into the upper part of its 6-week sideways trading range. Corn futures benefitted from the wheat rally and traders’ expectations for a lower average yield in Wednesday’s USDA crop report. Soybean futures traded both sides of unchanged but closed mostly lower with harvest pressure driving down export and interior basis levels. A stronger US Dollar was a negative factor, but a large increase in energy futures was supportive.

Cattle futures closed sharply lower with some LC contracts down the daily $3.00 limit. Today’s losses wiped out the gains made last week.  Traders liquidated longs given uncertainty in the cash markets. Last week’s cash market was $101-102 and may fall below $100 this week – a price not seen since 2010. Choice gained .93 to 184.00 and Select gained .35 to 174.86.  This is the first day that Choice Beef has gone up in value since September 28 when it closed at $190.75.

Lean hog futures closed narrowly mixed on little market news. It did resist the pressure from cattle’s sharp losses. FOB Plant Pork down .33 to 73.07 with an 8% loss in ham’s value.

Corn Dec +3 343; May +3 360 (356-61)

Bean Nov -2 954; May unch 974 (968-83)

   Meal -2 296

   Oil +51 3362

Wheat Dec +9 404; Jly +8 448 (443-49)

  KC +4 407; MGE unch 522

Oats +6 197

Rice +14 1023

 

LC Oct -300 limit 9887; Dec -300 10005; Apr -245 10062

FC Oct -297 12465; Jan -265 11590; Apr -197 11430

LH Oct unch 5067; Dec -22 4237; Feb +27 4957

Milk Oct -13 1486; Nov -24 1523
 

US$ +.4%

Dow +89 18329

SP +10 2164

NAS +36 5329

Tran +80 8137

 VIX -.10 13.38

 

WTI +135 5116

Brent +102 5295

Gas +1 149

NG +8 328

HO +2 160

Eth +3 155

Gold +9 1261

Slvr +27 1765

 

2-yr -.016 0.838%

5-yr -.021 1.260%

10yr -.019 1.723%

30yr -.003 2.455%

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