Market Closes - October 24, 2012

Posted on Oct 24, 2012
  Soybean futures rallied into the close while corn and wheat futures sold off after an early-morning surge. So soybean futures closed near the daytime highs, while corn/wheat closed near the lows.

  The strength in soybeans came from fund buying and bull spreading (buy nearby & sell deferred contracts).  Export demand remains impressive; Gulf export basis levels are strengthening.  The November contract finally closed over its 100-day moving average ($15.66) so that could be friendly too.

  Old-crop Corn futures were weak today as the funds sell this market with a lack of bullish fundamentals (very weak exports as South American corn supplies displace U.S. corn).

  Wheat futures gained on confirmation that Ukraine will end exporting wheat as of November 15.

  In cattle futures, a reprieve in the outside markets allowed the general friendly attitude about cash cattle prices to firm up CME futures. Boxed beef values also firmed up: Choice UP 0.86 at 199.38; Select UP 0.58 at 183.92.

  Lean Hog futures closed little changed.  An early morning rally slipped away throughout the day as pork trade proved weak.  The Pork Cutout dropped a sharp $1.99/cwt to $85.42. Hams and Picnic prices were hit the hardest.

 Corn Dec -1.5 754.5; Mar unch 756; Dec’13 +5 639.5

Bean Nov +17 1570.5; Mar +16 1537; Nov’13 -1 1334   Meal Dec +6 482; May +2 433   Oil +52 5184

Wheat Dec +15 884; Jly +16 867.5   KC +13.5 921; MGE +10 955

LC Oct +20 12620; Dec +22 12707; Jun +7 13140

FC Oct unch 14542; Nov +12 14717; Apr unch 15275

LH Dec +12 7825; Feb +2 8467; Jun +27 10075

Milk Nov +20 2081; Dec +14 2034

Oats +1 387

Rice +7 1505

US$ unch

Dow -25 13077

SP -4 1409

NAS -9 2982

Tran -103 5005

 VIX -.5 18.33

WTI -101 8566

Brent -44 10781

Gas steady 261

NG -10 343

HO unch 304

Eth unch 239

Gold -7 1702

Slvr -5 3175

2-yr +.003 0.293% 5-yr +.007 0.762% 10yr +.033 1.794% 30yr +.050 2.954%

Tagged Post Topics Include: Economics, Market updates