Market Closes - October 23, 2013

Posted on Oct 23, 2013
CBOT futures closed higher but well off the day’s highs.  Corn held up better than soybeans and wheat at the close.  Some of the market support came from export sales, slower harvest and firm cash markets.  Tomorrow’s USDA Export Sales Report will be closely watched.  Official USDA crop production estimates won’t be out until November 8 th.  November Options expire this Friday.

Cattle futures closed mixed but the October Live Cattle contract was boosted by a sharp jump in cash fed cattle price and boxed beef values. Southern Plains’ cattle sold for $132-133/cwt.  In boxed beef, Choice carcasses were up 1.46 at 200.79; Select carcasses up 1.88 at 184.91/cwt.

Lean Hog futures were mostly lower due to weakness in cash hog and pork prices. Today the Pork cutout dropped $2.01/cwt.  Analysts will monitor slaughter totals closely.

Corn Dec +4 443; Jly +4 471; Dec14 +4 485 Bean Nov +8 1310 (hi 1319); Jly +5 1262; Nov14 +2 1177 Meal Dec +5 421 (hi 425); Jly +2 388 Oil -2 4150

Wheat Dec +1 702 (hi 710); Jly +1 704 (hi 711) KC +5 771;  MGE +2 759

Oats +3 344 Rice +17 1546

LC Oct +70 13180; Dec -22 13275; Apr -50 13500 FC Oct +10 16615; Nov -22 16762; Jan -45 16757 LH Dec -42 8815; Feb -32 9020; Apr +5 9060 Milk Oct -3 1822; Nov +7 1853

US$ steady

Dow -54 15413 SP -8 1746 NAS -22 3907 Tran +48 6961 VIX +.09 13.42

WTI -121 9709 Brent -240 10757 Gas -7 255 NG +4 362 HO -7 292 Eth -2 180

Gold -10 1333 Slvr -24 2255

2-yr +.02 0.32% 5-yr unch 1.28% 10yr -.02 2.50% 30yr -.02 3.59% 

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Tagged Post Topics Include: Economics, Market updates