Market Closes - October 29, 2012

Posted on Oct 29, 2012
  The soy complex took a big hit today, dropping over 2 percent in meal and soybeans. Reportedly, funds were liquidating longs amid improving forecasts in South American and the general market uncertainty this week due to the U.S. storm. These losses occurred despite strong export shipments and news that China expects 2012 soybean imports will be a record large 2.11 billion bushels.

  December 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