Market Closes - October 24, 2016

Posted on Oct 24, 2016

CBOT futures closed strongly mixed with sharp gains in soybean oil futures lifting soybean futures, while corn and wheat posted 1-3 percent losses. Corn and wheat were pressured by fund selling on disappointing export shipments for last week. On the other hand, surprisingly strong soybean export shipments lifted that market. Soybean oil futures are following the rally in Palm Oil which reportedly traded at 30-month highs.

Crop Progress for week ending October 23
U.S. Corn
.          Harvested
This Week     61%
Last Year     70%
5-year Avg.   62%

U.S. Soybeans
.          Harvested
This Week      76%
Last Year      84%
5-year Avg.    76%

Cattle futures closed strongly higher, making for 3 straight days of big gains in futures. The markets actually gapped higher at the opening bell which is a positive chart signal. However, futures need to see some support or confirmation from the cash markets.  Boxed beef did strengthen today as Choice beef closed up 1.20 at 180.98 and Select gained .44 to 167.17.  Friday’s bullish Cattle on Feed Report supported the market. September feedlot placements were markedly lower than traders expected (-2% vs +3.3%). Placements were 2% less than last year, making for the lowest placement number for the month since the series began in 1996.  Offsetting the bullish COF report was a bearish Cold Storage report that the September 30 frozen beef inventory at the highest level for any month since December 2002.


Lean Hog futures also gapped higher at the opening bell on short-covering in sympathy with the strong cattle market and by a stronger pork market. FOB Plant Pork gained .89 to 72.96.

Corn Dec -4 348; May -4 365

Bean Nov +9 992; May +10 1015

  Meal +1 307

  Oil + 87 3599

Wheat Dec -12 402; Jly -9 453

  KC -9 412; MGE -4 525

Oats -5 213

Rice -44 985

 

LC Oct +197 10312; Feb +182 10462

FC Oct +50 12237; Nov +282 12252; Apr +182 11477

LH Dec +135 4320; Feb +97 4970

Milk Nov -8 1538; Dec -5 1516

 

US$ steady

Dow +77 18223

SP +10 2151

NAS +52 5310

Tran +30 8056

VIX -.32 13.02

 

WTI -36 5049

Brent -34 5144

Gas -3 150

NG -14 285

HO +1 158

Eth unch 161

Gold -3 1265

Slvr +10 1759

 

2-yr +.017 0.844%

5-yr +.029 1.273%

10yr +.026 1.766%

30yr +.026 2.518%

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