Market Closes - October 25, 2013

Posted on Oct 25, 2013
CBOT futures closed steady to lower. Harvest should make good progress the next few days.  Monday afternoon’s USDA progress report will be eagerly awaited. Soybeans slid on the sharp drop in soybean oil futures (1 percent). Soybean meal dropped slightly but the December SM contract is over $23/ton above last week’s lows; $400 is key support.

October Live Cattle futures closed slightly lower; after soaring late Thursday, this contract weakened throughout today’s session and closed on the lows. Although the CFTC reports on position sizes are behind schedule, the specs are most likely quite long Live Cattle futures. Thus, today’s weakness may have been profit-taking and long liquidation going into the weekend. Boxed beef values were steady -- Choice carcasses down 0.10 at 200.97 and Select down 0.28 at 185.40/cwt. Fed Cattle sold for $132-133/cwt this week.

Lean Hog futures closed sharply higher with the December LH hitting a new contract high.  Support comes from the large long spec crowd and concern that slaughter supplies will come up short of expectations due to higher pig losses from PEDV. This week’s receipts were over 1.2 pct less than last week. Corn Dec unch 440; Jly unch 468; Dec14 -1 483 Bean Nov -10 1300; Jly -10 1250; Nov14 -10 1165 Meal Dec -2 423; Jly -1 387 Oil -40 4073 Wheat Dec -6 691; Jly -2 701 KC -5 759; MGE -7 745

Oats -11 333 Rice unch 1554

LC Oct -22 13257; Dec +10 13297; Apr -47 13445 FC Oct unch 16555; Nov -30 16665; Apr -47 16632 LH Dec +82 9042; Feb +87 9272; Jun +100 9985 Milk Oct unch 1825; Nov +5 1873

US$ steady Dow +61 15570 SP +8 1760 NAS +14 3943 Tran -14 7009 VIX -.11 13.09

WTI +.8% Brent +.1% Gas +.2% NG +2.7% HO +.3% Eth +1.9%

Gold +.2% Slvr -1%

2-yr -.02 0.30% 5-yr -.03 1.28% 10yr -.02 2.51% 30yr -.02 3.60%

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Tagged Post Topics Include: Economics, Market updates