Market Closes - October 27, 2016

Posted on Oct 27, 2016

CBOT futures closed higher except for soybean oil which has been pressured on spread unwinding with soybean meal. Beside the near 7 percent gain in OAT futures, meal was the percentage leader today. Funds were big buyers of corn and soybean futures. Corn futures had good gains for the second straight day and puts prices just below the fall highs set a week ago.  Soybean futures benefited from strong weekly export sales and daily sales reported this morning. However, corn export sales were disappointing. The US Dollar strengthened today as bond yields rose markedly today in the US and abroad. The 10-year yield peaked at 1.87%, a level not seen since late May.

Cattle futures closed mixed with the nearby October LC contract closing the highest with traders optimistic for this week’s cash trade to finish around $104/cwt. Other contracts moved higher early but then moved sideways to lower.  Feeder Cattle closed near the day’s lows. Choice down 0.77 at 181.54; Select up 0.36 at 168.81.

Lean Hog futures closed strongly higher and near the day’s highs. LH futures were supported by technical buying as LH futures opened above chart resistance and by the December LH contract’s sharp discount to the current cash market.  FOB Plant Pork ended up .29 at 73.37.

Corn Dec +3 357 (352-58); May +3 373

Bean Nov +4 1014 (1003-20); May +2 1036

  Meal +8 328

  Oil  -61 3511

Wheat Dec +3 414; Jly +2 462 (459-66)

  KC unch 417; MGE unch 525

Oats +17 232

Rice +15 1014

 

LC Oct +107 10412; Feb +40 10555; Apr +32 10492

FC Nov -5 12387; Jan +17 11852; Apr -7 11510

LH Dec +117 4537; Feb +120 5232; Apr +120 5987

Milk Nov +8 1551; Dec +12 1537

US$ +.3%

Dow -30 18170

SP -6 2133

NAS -34 5216

Tran +48 8015

  VIX +1.12  15.36  +7.9%

 

WTI +45 4963

Brent +40 5038

Gas +1 149

NG +5 278

HO +2 157

Eth unch 160

Gold +3 1269

Slvr unch 1763

 

2-yr +.016 0.888%

5-yr +.044 1.346%

10yr +.064 1.854%

30yr +.074 2.611%

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