Market Closes - October 24, 2017

Posted on Oct 24, 2017

CBOT futures closed mixed with little new information to drive the market. Although corn traded both lower and higher, a rally in the closing minutes pushed corn to a high-range, positive close. Corn futures are back to the upper end of the trading range charted in October. Soybean futures traded both sides of unchanged but closed near Monday’s lows and right at the 200-day moving average. Wheat futures also benefitted from the closing rally to wipe out negative price changes. This follows the big rally on Monday.

Cattle futures rallied throughout the day and closed sharply higher and near the day’s highs. Prices were supported by a stronger boxed beef market and technical buying as futures moved above last week’s highs. Futures are now trading near the October highs. It might take a stronger cash market (last week averaged $111/cwt) to push futures much higher in the short-term. Choice carcasses up 0.88 at 200.13; Select carcasses up 1.64 at 192.69. 

Lean Hog futures closed moderately higher on spillover support from cattle futures and a higher pork cutout. FOB Plant Pork closed up .66 at 76.46 with a 3% gain in bellies offsetting a 2% drop in loins. Getting higher closes is a positive considering yesterday’s failed rally and bearish closes.

The Cold Storage Report showed relatively more year/year growth in frozen chicken stocks than beef and pork stocks.

As the DOW moved to a new record high, US bond yields rose sharply as money moved into equities. Interest rates have risen significantly since early September and are now at levels last seen in the May-July period.
 

Corn Dec +1 353 (349-53); Mar +1 367

Bean Nov -5 975 (973-83); Mar -5 996

  Meal -2 314

  Oil -29 3434

Wheat Dec +1 438; Jly unch 482 (478-83)

   KC unch 434; MGE +5 620

Oats +3 277

Rice -37 1160

 

LC Oct +210 11362; Feb +295 12452; Apr +227 12425

FC Oct +150 15520; Jan +412 15500; Apr +387 15182

LH Dec +50 6402; Feb +42 6865; Apr +70 7335

Milk Nov -2 1596; Dec -9 1563

 

US$ +.2%

Dow +168 23442

SP +4 2569

NAS +12 6598

Tran +12 9952

  VIX -.02 11.05

 

WTI +57 5247

Brent +109 5846

Gas +4 172

NG -2 297

HO +3 182

Eth unch 142

Gold -3 1278

Slvr -11 1697

 

2-yr +.021 1.589%

5-yr +.040 2.047%

10yr +.048 2.423%

30yr +.046 2.936%

Lexington Auction Weighted Average Report for 10/23/2017

Receipts:  1624    Last Week:  1444    Year Ago:  588

   Compared to last Monday steer and heifer calves sold mostly steady with moderate demand on an average through good quality offering.  Good demand for yearling steer packages.  Slaughter cows sold steady and slaughter bulls sold 3.00 lower with light demand.

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