Market Closes - October 31, 2016

Posted on Oct 31, 2016

Corn and soybeans closed near steady while wheat posted strong gains on short-covering to end the month.  Corn and soybeans were supported by good export demand news, but pressured by weak soybean oil and crude oil futures. The US Dollar was stronger in the morning but closed out near unchanged.

 

Crop Progress for week ending October 23
U.S. Corn
.          Harvested
This Week     75%
Last Year     82%
5-year Avg.   75%

U.S. Soybeans
.          Harvested
This Week      87%
Last Year      91%
5-year Avg.    85%

U.S. Winter Wheat is 86% planted vs 88% 5-year average.  It’s rated 58% good/excellent, down 1 point from last week.
 

Cattle futures closed mostly lower, led by the nearby Live Cattle contracts. The October LC and FC contracts expired today.  Even though cash cattle traded $104-105 last week on higher receipts, futures softened. With beef packers operating at high margins and boxed beef values higher today, maybe LC futures can get traction tomorrow. Choice up 1.65 at 184.76; Select up 2.85 at 173.01. 

Lean Hog futures closed higher with the nearby December LH contract up sharply.  Support came from higher pork values, futures discount to cash and a positive technical picture on the charts. FOB Plant Pork gained 1.13 to 74.02 with hams up over 4 percent.

Corn Dec unch 355; May -1 369

Bean Nov +1 1002; May unch 1024

  Meal -1 316

  Oil -24 3517

Wheat Dec +8 416; Jly +4 461

  KC +3 415; MGE +2 527

Oats -3 220

Rice -1 985

 

LC Dec -102 10332; Apr -47 10377

FC Nov +30 12185; Jan unch 11600; Apr -112 11180

LH Dec +115 4795; Apr +40 6205

Milk Nov +37 1606; Dec +29 1586

US$ steady

Dow -19 18142

SP unch 2126

NAS -1 5189

Tran +39 8058

  VIX +.87 17.06

 

WTI -205 4665

Brent -141 4830

Gas -3 144

NG +3 276

HO -5 149

Eth -1 163

Gold +1 1278

Slvr +10 1790

 

2-yr -.012 0.845%

5-yr -.016 1.307%

10yr -.020 1.825%

30yr -.038 2.579%

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