Market Closes - October 26, 2016

Posted on Oct 26, 2016

CBOT futures closed strongly higher led by the soybean meal and soybean markets. November Soybeans broke above $10.00, creating additional buying into the closing bell. Today’s strength benefited from optimism for demand. Tomorrow’s export sales report will be studied for confirmation.

Cattle futures closed moderately higher after trading both sides of unchanged. Prices were supported by cash trade today at $103-104, up $3-4/cwt from last week. The October LC contract is fairly priced. Boxed beef values were mixed. Choice beef gained only .24 to 182.31 and Select dropped .47 to 168.45. Packers have very strong margins, so should bid for cattle.

Lean Hog futures closed lower after testing clearly-defined resistance levels on the charts. Failure to surpass those levels kicked in profit-taking after LH futures had rallied over $3/cwt in past week. Fob Plant Pork dropped .38 to 73.08.

Corn Dec +5 354 (hi 356); May +4 370

Bean Nov +19 1010 (hi 1011); May +18 1034

  Meal +11 319

  Oil -8 3572

Wheat Dec +7 411; Jly +5 460

  KC +3 417; MGE +1 525

Oats +3 215

Rice +16 999

 

LC Oct +32 10305; Feb +60 10515; Apr +90 10460

FC Oct +42 12197; Nov +127 12392; Apr +65 11517

LH Dec -42 4420; Feb -25 5112; Apr -5 5867

Milk Nov +3 1543; Dec +3 1523

US$ -.1%

Dow +30 18199

SP -4 2139

NAS -33 5250

Tran -52 7967

  VIX +.77 14.23

 

WTI -76 4920

Brent -84 4995

Gas -1 149

NG -3 274

HO -1 155

Eth +2 162

Gold -6 1267

Slvr -15 1762

 

2-yr +.009 0.872%

5-yr +.026 1.302%

10yr +.033 1.791%

30yr +.038 2.540%

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