Market Closes - October 25, 2016

Posted on Oct 25, 2016

CBOT futures closed little changed after trading both sides.  Corn and soybean futures had many contracts posting “inside days” as price ranges were smaller than Monday’s.  There’s a lack of fundamental news to drive the market strongly in one direction as the last part of the crop gets harvested.  The recent strength of the US Dollar weighs on the market as it hurts export competitiveness.  Energy futures also fell today.

Cattle futures moved higher in the morning in follow-through buying from Monday’s market. However about Noon CT, profit-taking kicked in and turned the screens from green to red.  Traders need to see cash market strength.  Boxed beef did its part today with Choice Beef closing up 1.09 at 182.07 and Select gained 1.75 to 168.92.

Lean Hog futures closed sharply higher in follow-through from Monday’s stronger market. Futures closed high-range and settle just below the last highs posted October 13. While the cash hog price weakened, pork values edged higher. FOB Plant Pork gained .50 to 73.46 as values firmed in all six primal cuts.

Corn Dec +1 349; May +1 366

Bean Nov -1 991; May +1 1016

  Meal +1 308

  Oil -19 3580

Wheat Dec +2 404; Jly +2 456

  KC +1 413; MGE -1 524

Oats -1 212

Rice -1 983

 

LC Oct -40 10272; Feb -7 10455; Apr -12 10370

FC Oct -82 12155; Jan -37 11770; Apr -25 11452

LH Dec +142 4462; Feb +167 5137; Apr +120 5872

Milk Nov +1 1537; Dec +5 1518

US$ steady

Dow -54 18169

SP -8 2143

NAS -26 5283

Tran -37 8019

VIX +.66 13.68  +5%

 

WTI -104 4948

Brent -106 5040

Gas -2 148

NG -7 276

HO -2 155

Eth -1 160

Gold +11 1275

Slvr +16 1776

 

2-yr +.016 0.856%

5-yr +.009 1.278%

10yr -.004 1.759%

30yr -.014 2.502%

U.S. Egg Production UP 10% YoY

   United States egg production totaled 8.30 billion during September 2016, up 10 percent from last year. Production included 7.21 billion table eggs and 1.09 billion hatching eggs.

Broiler Placements Down Sharply in September

   Leading breeders placed 7.04 million broiler-type pullet chicks for future domestic hatchery supply flocks during September 2016, down 18 percent from September 2015.

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