Market Closes - October 11, 2017

Posted on Oct 11, 2017

CBOT futures closed near steady to a few cents lower in narrow-range trading ahead of tomorrow’s USDA crop reports. Traders expect 2017 production estimates to increase slightly but 2017/18 ending stocks to decline.  

KC and Chicago wheat futures moved to new lows, making for about a 30-cent decline since wheat futures peaked on September 27.  On a positive note, KC/Chi remain above the contract lows set late August.

Cattle futures closed narrowly mixed on a lack of cash trade in the feedlot. LC futures tested Tuesday’s highs but couldn’t move higher. October LC is sitting at a good premium to last week’s trade.  A positive factor is that the beef packers have strong operating margins. Choice beef dropped 1.08 to 196.32 and Select fell 1.26 to 188.76.

Lean Hog futures closed higher with bigger gains coming in the nearer contracts. These gains added to Tuesday’s price increases. Firmer cash hog prices and pork cutouts supported futures. FOB Plant Pork dropped .04 to 73.67, compared to 74.13 at midday. Increased market receipts suggest that cash market gains may be limited.

U.S. stock indexes hit record highs amid ideas the Federal Reserve will raise its key interest rate in December given the strong economy.

Corn Dec -3 346 (345-49); Mar -3 359

Bean Nov -1 965 (963-67); Mar unch 985

  Meal -1 315

  Oil +4 3315

Wheat Dec -2 433; Jly -4 478 (477-82)

  KC -3 428; MGE +1 619

Oats +3 253

Rice +1 1203

LC Oct +7 11377; Feb -20 12217; Apr +22 12267

FC Oct +7 15415; Jan -20 15425; Apr -32 15160

LH Oct +107 6125; Dec +95 6250; Feb +37 6777

Milk Oct +1 1671; Nov -8 1616

US$ -.3%

Dow +42 22873

SP +5 2555

NAS +16 6604

Tran +48 9977

VIX -.29  9.79

 

WTI +38 5130

Brent +6 5667

Gas +2 161

NG unch 289

HO +2 179

Eth unch 142

Gold -5 1289

Slvr -7 1713

 

2-yr +.009 1.517%

5-yr +.006 1.951%

10yr +.001 2.346%

30yr +.001 2.882%

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