Market Closes - October 30, 2015

Posted on Oct 30, 2015
CBOT futures closed slightly higher with the best gains in wheat. Prices were supported by a weaker US Dollar, higher energy futures and broad-based fund buying. Soybean futures have been trending lower for the last two weeks. Over the same time period, wheat futures fell about 30 cents and then rallied 35 cents. Corn futures have mostly moved sideways in a 10-15 cent range. Market reports indicate farmers are storing corn and selling soybeans given a lack of carry in soybean futures and cash bids.

Cattle futures closed lower in follow-through selling from Thursday’s failed attempt to move higher (bearish reversal in Live Cattle). Fed cattle trading was reportedly light with prices near last week’s prices. Choice Beef dropped .89 to 220.04 and Select gained .52 to 212.07. For the week, LC and FC lost value.

Lean Hog futures closed mixed with weakness in the nearby December LH contract as pork values are sliding lower. FOB Plant Pork fell 2.64 to 78.14 on sharp losses in bellies, butts and loins with gains in ribs and picnics. This cutout was down only .17 in the midday report. These losses add to yesterday’s loss of 3.27/cwt. Last Friday, FOB Plant Pork closed at 85.98; 2 weeks ago, it was 89.31. December LH has lost $9.00/cwt in the last 9 trading days. This took the Continuation Price Chart to a new low not seen since last March; chart support sits at $57.77. If this price fails, then $50.00 could be a target. Cash Hog Carcass price is reported near $61.00 tonight.

Corn Dec +2 382; Jly +1 401; Dec16 +1 408 Bean Nov +5 884; Jly +6 900; Nov16 +5 890 Meal +3 304 Oil +32 2820 Wheat Dec +7 522; Jly +5 530 KC +5 494; MGE +5 525 Oats unch 227 Rice +7 1161

LC Dec -107 14172; Feb -90 14342; Apr -102 14212 FC Nov -102 19090; Jan -105 18320; Apr -170 17970 LH Dec -67 5920; Feb -25 6275; Apr +30 6742 Milk Nov -10 1530; Dec -6 1531

US$ -.3% Dow -92 17664 SP -10 2079 NAS -21 5054 Tran -10 8128 VIX +.46 15.07

WTI +33 4639 Brent +69 4949 Gas +2 136 NG +5 230 HO +2 151 Eth +1 160 Gold -6 1142 Slvr -1 1553

2-yr unch 0.728% 5-yr -.011 1.520% 10yr -.026 2.146% 30yr -.040 2.925%

 

Tagged Post Topics Include: Economics, Market updates