Market Closes - October 29, 2012
Posted on Oct 29, 2012December Corn tested key chart support at $7.32 ¼ and closed with a penny loss. At 7.37, price sits right on the 100-day moving average. If 7.32 gives way, then price could test the next recent low of $7.05. The spec funds still hold very large long positions in corn futures.
USDA offices are closed due to weather so today’s Crop Progress report will be delayed until further notice.
Wheat futures closed near the day’s lows without any support from corn or soybean futures. The December CBOT Wheat contract has closed lower for 3 straight days and is in the bottom half of the recent trading range. The long-term look of the chart is a downtrend with support at $8.40.
Cattle futures closed mixed but well off the lows established soon after the market opened today. Initial demand concern from the hurricane must have eased as the day progressed. The December and February Live Cattle contracts traded down to within a dollar/cwt of the lows set at the end of September.
Lean Hog futures also face the threat of lost demand during the storm and its aftermath. Hog futures also improved throughout the day but posted sharply lower closes.
Corn Dec -1 737; Mar -1 739; Dec’13 +.5 636
Bean Nov -34 1527; Mar -31 1506; Nov’13 -11 1329 Meal Dec -11 472.5; May -8 432 Oil -78 5018
Wheat Dec -6 858; Jly -2.5 862 KC -6 903; MGE -2 938
LC Oct -12 12537; Dec +2 12527; Jun -20 12990 FC Nov +60 14592; Jan +40 14747; Apr unch 15130 LH Dec -110 7780; Feb -120 8325; Jun -67 10000
Milk Nov -22 2091; Dec -30 1998
Oats -2 388
Rice -6.5 1473
New York stock exchanges were closed today and will be again on Tuesday. However, the CME Group is opening its stock index futures from 5 pm CT to 8:15 a.m CT tomorrow. CME’s interest rate products will open at 5 pm CT and maintain normal trading hours through the day Tuesday. NYMEX products will trade electronically tomorrow.
US$ +.3%
WTI -100 8528
Brent -53 10902
Gas +4 274
NG +8 348
HO +1 311
Eth +.6 237.4
Gold -2 1710
Slvr -25 3178
Tagged Post Topics Include: Economics, Market updates
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