Market Closes - October 29, 2013

Posted on Oct 29, 2013
CBOT futures closed steady to higher with soybeans outperforming corn and wheat thanks to very strong soybean oil futures. Going into the close of trading, soybean and soybean oil rallied strongly as soybean meal sold off to new lows. Strength in soybean oil was credited to higher palm oil prices.  We’re 10 days away from the next Crop Report.

Live Cattle futures closed higher as the beef market continued the advance started Monday. Boxed beef values firmed again today with Choice up .55 to $194.37/cwt. Feeder Cattle futures closed lower as the October contract has only 2 more trading days (same for October Live Cattle).  Feeder Cattle charts have a triangle or wedge formation that has to break out soon.

Lean Hog futures closed lower following Monday’s huge gains. Pork values weakened some.  Traders will closely monitor hog marketings to see if the “missing hogs” start coming to town in November.

The Federal Reserve Open Market Committee (FOMC) is meeting through Wednesday and will make a statement tomorrow afternoon.

Corn Dec +1 432; Jly unch 460; Dec14 unch 475 Bean Nov +8 1279; Jly +6 1237; Nov14 +7 1164 Meal Dec -4 411; Jly unch 381 Oil +61 4097 Wheat Dec unch 681; Jly unch 690 KC +1 752; MGE unch 736 Oats -2 326 Rice +22 1558

LC Oct +25 13340; Dec +47 13427; Apr -5 13455 FC Oct -55 16542; Nov -32 16675; Apr -5 16697 LH Dec -60 9135; Feb -45 9410; Jun -70 10137 Milk Nov -15 1859; Dec -6 1799

US$ +.4%

Dow +111 15680 SP +10 1772  - reached new all-time high. NAS +12 3952 Tran +16 7052 VIX +.10 13.41

WTI -84 9784 Brent -62 10899 Gas -3 260 NG -7 350 HO unch 296 Eth -3 180

Gold -7 1345 Slvr unch 2254

2-yr unch 0.32% 5-yr -.03 1.27% 10yr -.02 2.50% 30yr -.01 3.61%

Blue Grass Stockyards Cattle Auction Report for 10/28/2013 Receipts:  2,504   Last Monday:  1,518   Year Ago:  1,419

Compared to last week steer calves sold steady early with good demand on a good through attractive quality offering.  Market active after lunch with steer calves closing firm.  Heifer calves sold steady to 2.00 higher with good demand on a good through attractive quality offering.  Yearling steers lightly tested.  Yearling heifers 3.00 to 4.00 higher with very good demand in a limited comparison.  Slaughter bulls sold steady to 2.00 higher with moderate demand.  Slaughter cows sold 2.00 to 5.00 higher with very good demand.  Some farmer participation today for 400-500 lbs steers.  New buyer in town sharply increased demand for slaughter cows.

Total supply included 09% slaughter cows, 02% slaughter bulls, 01% replacements and 88% feeders.  Feeder supply 26% steers, 28% bulls, 46% heifers with 40% of feeders weighing over 600 lbs.

KENTUCKY BEEF CONFERENCE THURSDAY, OCTOBER 31, 2013               10 am to 3 pm FAYETTE COUNTY EXTENSION OFFICE   See Program by clicking here

KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates