Market Closes - October 3, 2017
Posted on Oct 4, 2017Corn and soybean futures closed slightly lower and at/near the day’s lows due to a sell-off in the final minutes of trading. Markets were pressured in part by the widening basis and unexpectedly low cash prices in markets dependent upon river transportation. With a big majority of harvest yet to come, the hedge pressure will continue. Soybean export news may be lacking through October 8 since China is on holiday. Wheat futures managed small gains on short-covering as winter wheat planting is behind the 5-year average pace.
Cattle futures closed sharply higher with the gains mostly wiping out Monday’s losses. Prices were supported by higher boxed beef values and expectations of firmer cash steer prices. Choice up 0.65 at 197.87; Select up 0.74 at 189.02.
Beyond the nearby October Lean Hog contract, LH futures closed just slightly higher. But the October LH contract soared to limit-UP today and closed up $2.62. Support came from rising cash hog prices and firm midday pork values at midday. FOB Plant Pork ended down .32 at 72.46. Loin value recovered while other cuts dropped. This was up .34 at midday.
Corn Dec -2 349 (349-51); Mar -2 362
Bean Nov -2 955 (952-61); Mar -1 975
Meal Oct -2 307
Oil +23 3251
Wheat Dec +3 448; Jly +1 490 (488-94)
KC +2 442; MGE +1 612
Oats -1 251
Rice unch 1201
LC Oct +127 10910; Feb +130 11852; Apr +120 12012
FC Oct +207 15242; Jan +260 15200; Mar +250 14987
LH Oct +262 5987; Dec +10 6207; Feb +27 6735
Milk Oct +10 1643; Nov +7 1627
US$ -.3%
The 3 major stock indexes hit new record highs today.
Dow +80 22638
SP +5 2535
NAS +15 6532
Tran +66 9974
VIX +.15 9.60
WTI -30 5016
Brent -40 5572
Gas -1 155
NG -3 290
HO -2 175
Eth unch 148
Gold +2 1274
Slvr +1 1666
2-yr -.012 1.475%
5-yr -.013 1.921%
10yr -.011 2.326%
30yr +.002 2.867%
Lexington Auction
Weighted Average Report for 10/02/2017
Receipts: 1239 Last Week: 1168
Compared to last Monday weaned and thin-fleshed feeder steers sold firm; fleshy un- weaned offerings sold weak. Body condition affecting prices more than quality with thin-fleshed and weaned calves in highest demand. Middleweight heifers sold 2.00 to 4.00 lower with moderate demand. Good demand for yearling steers and good quality heavy heifers guaranteed open. Quality was pain through good. Slaughter cows sold 1.00 lower with light demand and slaughter bulls sold steady with light demand.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments