Market Closes - October 13, 2014

Posted on Oct 13, 2014
CBOT futures closed higher with huge gains in corn and soybean futures on the rain-delayed harvest and dry weather in Brazil. A weaker US dollar was also supportive. Funds were big buyers in corn and the soy complex. Harvest should get back on track later this week. The 6-14 day NWS outlook shows below normal rainfall throughout the grain belt. USDA will release its crop condition/progress report tomorrow afternoon.

Cattle futures closed higher, offsetting some of last week’s late selloff. The support came from last week’s strong finish to the cash cattle market despite the weakness in futures. Boxed beef moved higher today with Choice carcasses up 0.64 at 248.31; Select up 1.67 at 236.41/cwt. Last week’s 5-Area Cash price was over $3.50 higher than the previous week.

Lean Hog futures closed narrowly mixed with the nearby October LH contract expiring tomorrow. October LH futures are in line with the cash index. FOB Plant Pork dropped 1.06 to 121.57/cwt. Focus turns to the $15.00 discount from cash to the December futures price – the seasonal trend lower is obvious.

Tomorrow is the last trading day for OCTOBER lean hogs, soybean meal and soybean oil.

Corn Dec +12 346; May +12 367; Dec15 +10 392 Bean Nov +23 945; May +23 970; Nov15 +18 962 Meal Dec +7 318 Oil +60 3304 Wheat Dec +7 505; Jly +7 530 KC +6 584; MGE +5 559 Oats +2 345 Rice +4 1263

LC Oct +160 16650; Feb +100 16600; Apr +72 16590 FC Oct +80 24130; Nov +95 24015; Mar +140 23270 LH Oct -10 10935; Dec +22 9462; Apr +35 9185 Milk Oct -7 2407; Nov -23 2165

US$ -.9%

Dow -223 16321 SP -31 1875 NAS -63 4214 Tran -176 7718 VIX +3.40   24.64 +16%     Highest since June 2012

WTI -85 8497 Brent -204 8817 Gas -1 224 NG +6 HO -2 254 Eth +4 164 Gold +8 1230 Slvr +19 1749

Treasury Markets Closed

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Tagged Post Topics Include: Economics, Market updates