Market Closes - October 10, 2017

Posted on Oct 10, 2017

CBOT futures closed little changed today after trading both higher and lower given a slower-than-normal harvest pace and plentiful global supplies. Futures edged higher overnight, then shot higher after the 830 am opening, but quickly turned lower for the rest of the day.  Traders are positioning for Thursday’s monthly USDA crop reports. CBOT futures couldn’t take advantage of friendly outside markets – much stronger energy futures and a weaker US Dollar.

U.S. Corn Harvest Progress
22% compared to 33% year ago and 37% Average

U.S. Soybean Harvest Progress
36% compared to 41% year ago and 43% Average
 

Cattle futures closed higher with Live Cattle performing better than Feeder Cattle futures. Cattle rallied until noon CT and then profit-taking kicked in. Feeders sold off more than Live Cattle. The gain in LC futures shows traders have become optimistic about near-term cash market direction, following last week’s firming market to $109-110/cwt. The market was also supported by rising boxed beef values -- Choice gained .40 to 198.53 and Select rose 1.59 to 190.25. The LC charts turned bullish as prices moved quickly above the September/October highs; futures are now approaching the July/early August highs.
 

Lean Hog futures also posted gains with the nearby October LH contract gaining the most. Today’s strength relied on the stronger pork cutout value as the cash hog market weakened.

FOB Plant Pork gained .82 to 74.36.

Corn Dec unch 349 (348-51); Mar unch 363

Bean Nov -1 966 (964-76); Mar -1 986

  Meal +1 316

   Oil -15 3311

Wheat Dec -1 435; Jly -1 483 (481-87)

  KC unch 431; MGE -6 617

Oats +1 249

Rice +18 1202

 

LC Oct +227 11370; Feb +122 12237; Apr +87 12245

FC Oct +30 15407; Jan +70 15445; Apr +65 15192

LH Oct +115 6017; Dec +60 6155; Apr +5 7170

Milk Oct -5 1669; Nov -16 1624

US$ -.5%

.   US Stocks hit new record HIGHS today.

Dow +70 22831

SP +6 2551

NAS +8 6587

Tran +64 9928

  VIX -.24 10.09

 

WTI +136 5094

Brent +75 5654

Gas +3 159

NG +5 288

HO +3 176

Eth unch 142

Gold +9 1294

Slvr +24 1721

 

2-yr unch 1.512%

5-yr -.017 1.951%

10yr -.014 2.354%

30yr -.016 2.890%

Kentucky Weekly Livestock Summary for the week of Oct 2-7, 2017.  
Receipts: 22,516       Last Week 21,005       Last Year 15,061

   Compared to last week, steer and heifer calves were mixed, ranging mostly from 2.00 lower to 2.00 higher.  Yearlings sold steady to 3.00 higher.  Demand was moderate to good for an average to good quality offering.  Slaughter cows sold steady to 2.00 lower with light to moderate demand and slaughter bulls steady to 3.00 lower with light to moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here