Market Closes - October 16, 2019
Posted on Oct 16, 2019Corn Dec -1 392 (387-93); Jly unch 415
Bean Nov -6 928 (927-39); Jly -4 972
Meal -3 305 (304-09)
Oil +1 3040
Wheat Dec +6 513; Jly +4 526 (519-26)
KC +4 425; MGE +5 550
Oats +6 302
Rice +9 1198
LC Oct +135 11235; Feb +5 11960; Apr +7 12172
FC Oct +22 14522; Jan +20 14237; Apr +30 14240
LH Dec -150 7062; Feb -30 7885; Apr -2 8487
Milk Oct +2 1862; Nov -1 1867
CBOT futures closed very mixed with gains for wheat and losses for soybeans and meal; corn ended nearly steady. Trade was volatile today with the day’s range for corn and beans set within the first 90 minutes of trading. Corn and wheat closed at the upper end of the range, while soybeans and meal finished near the bottom. Following last week’s USDA crop report, this week there’s not much news to move markets. The US/China trade announcement from Friday is still far from being put on paper and turned into export sales.
Cattle futures closed slightly higher except for nearby October LC which gained $1.35/cwt. Support comes from rising beef values and the bullish momentum continuing from the strong futures rally. Cattle futures are now around $18/cwt above the Aug/Sep lows made following the fire at the Kansas packing plant. Choice beef edged up .26 to 218.28 and Select slipped .11 to 191.37. Choice-Select spread = 26.91. October LC at $112 is at a strong premium to last week’s cash trade.
December LH futures closed mixed with nearby December LH futures losing $1.50; this follows Tuesday’s $3.00 limit-up move. FOB Plant Pork dropped .34 to 77.72 with bellies down 4% and ribs up 3%. The morning quote was down 1.05. The US/China trade deal is far from being signed, but market reports indicate China has made some large pork purchases. The weekly export sales report won’t be released until Friday morning.
US$ -.3% 98.00 US$ peaked on October 1 at 99.66.
Dow -23 27002
SP -6 2990
NAS -25 8124
Tran +47 10433
VIX +.14 13.68
WTI +20 5308
Brent +36 5910
Gas unch 161
NG -5 229
HO +3 194
Eth -1 142
Gold +10 1494
Slvr +3 1741
2-yr -.034 1.588%
5-yr -.033 1.564%
10yr -.026 1.743%
30yr -.004 2.226%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments