Market Closes - October 11, 2016

Posted on Oct 11, 2016

CBOT futures closed steady to slightly higher ahead of tomorrow’s USDA Crop Production and WASDE reports.  A very strong US Dollar and weaker crude oil futures weighed on prices as did disappointing weekly export inspections for corn and wheat; soybean inspections were strong. As of Sunday, corn and soybean harvest is slightly behind the 5-year average.

Crop Progress for week ending October 9
U.S. Corn

.             Mature   Harvested

This Week      93%        35%

Last Year      92%        38%

5-year Avg.    88%        38%


U.S. Soybeans
.     Dropping Leaves  Harvested

This Week      91%         44%

Last Year      90%         56%

5-year Avg.    88%         47%


Cattle futures closed lower, adding to Monday’s sharp losses. Choice Beef lost .82 to 183.18 and Select fell 2.11 to 172.75.

Lean Hog futures closed higher but off the day’s highs. Pork values ended the day much lower than seen during the trading session. FOB Plant Pork dropped .90 to 72.17 as ham, loin and butt values dropped about 3%. The midday quote was up .07.

Corn Dec +2 345; May +2 362

Bean Nov unch 954; may unch 975

  Meal +1 298

  Oil -46 3316

Wheat Dec +3 407; Jly +1 450

  KC -1 406; MGE +2 524

Oats +2 199

Rice +16 1039

 

LC Oct -137 9750 (low 9667); Feb -42 10055; Apr -25 10037

FC Oct -52 12412; Jan -35 11555; Apr -22 11407

LH Oct +77 5145; Dec +40 4277; Feb +52 5010

Milk Oct -10 1472; Nov -33 1492

 

US$ +.8%  97.65  - the highest level since March.  1-year range = 92 to 100.5

Dow -200 18129

SP -27 2137

NAS -82 5247

Tran -50 8087

  VIX +1.98 15.36  +14.8%

 

WTI -57 5078

Brent -67 5247

Gas -1 148

NG -6 322

HO -2 159

Eth unch 155

Gold -6 1255

Slvr -17 1749

 

2-yr +.024 0.870%

5-yr +.026 1.296%

10yr +.030 1.766%

30yr +.032 2.501%

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