Market Closes - October 15, 2014

Posted on Oct 15, 2014
Most ag futures closed lower today with limit down moves in Feeder Cattle and Lean Hog futures. Grains moved higher early but worked lower during the day as the U.S. equity markets collapsed (stocks erased a large share of the losses by the 4 pm closing bell). Drier weather is approaching and the 2-week outlook calls for below-normal rainfall and temperatures running normal to above normal – harvest progress should accelerate.

Cattle futures were caught up in the bearish wave. Nearby Live Cattle had limited losses due to a firm box beef market today. Choice up 1.08 at 250.49; Select down 0.64 at 235.44.

Lean Hog futures finished down the daily $3.00 limit due to yesterday’s 4+ cent drop in pork cutout values. A midday bounce in the cutout failed and pork finished the day near steady. The December LH contract is now very near chart support marked by a 6-week sideways trading range. $90.90 is first support, followed by 90.45 on the weekly continuation chart; if that gives way, $85.00 is the next support.

The new case of Ebola in Dallas added to the anxiety level of traders, investors and the public. Market volatility is encouraging selling in equities and commodities, with money seeking a safer home in US Treasuries. The sharp drop in Treasury yields will give homeowners a chance to refinance. Global economic concerns and some disappointing corporate earnings are also weighing on markets.

Corn Dec -9 347 (346-58); May -9 369; Dec15 -9 393 Bean Nov -12 952 (951-78); May -12 978; Nov15 -12 969 Meal Dec +3 327; May unch 316 Oil -89 3198 Wheat Dec -3 506; Jly -3 532 (528-42) KC +2 592; MGE +1 565 Oats -2 343 Rice -13 1259

LC Oct -140 16295; Dec -145 16247; Apr -280 16010 FC Oct -132 23740; Nov -300 limit 23415; Mar -300 22670 LH Dec -300 limit 9192; Apr -300 8900; Milk Oct -11 2412; Nov -47 2150

US$ -1.2%

Dow -173 16142 SP -15 1862 NAS -12 4215 Tran +18 7937 (UP) VIX +3.46 26.25 +15%

WTI -94 8090 Brent -172 8332 Gas -3 215 NG -1 381 HO -2.5 245 Eth -4 163

Gold +7 1241 Slvr +5 1745

2-yr -.064 0.311% 5-yr -.011 1.340% 10yr -.070 2.136% (traded below 2%) 30yr -.040 2.918%

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Tagged Post Topics Include: Economics, Market updates