Market Closes - October 4, 2017

Posted on Oct 4, 2017

Corn and soybean futures posted minimal changes but futures closed off the day’s lows. Corn moved to new lows early morning and then rallied. Soybeans followed a similar pattern but had a stronger rally and closed with 3-cent gains. Soybean futures did not trade below yesterday’s lows.  There’s a lack of news to move the market. Wheat closed lower, reversing Tuesday’s gains.

Cattle futures traded higher through mid-morning, but then weakened the rest of the day and closed mostly lower and at/near the day’s lows. The sell-off probably resulted from disappointment in the $108/cwt price traded at the online Fed Cattle Exchange. In box beef, Choice down 0.46 at 197.41; Select up 0.53 at 189.55. Beef packers have very strong operating margins so there’s room for cash cattle prices to rise.  

Lean Hog futures followed Tuesday’s price pattern where the nearby October LH contract closed higher while most deferred futures closed slightly lower. The support continues to come from firmer cash hog prices. FOB Plant Pork gained .42 to 72.88 with ham price rising 5%.
 

Corn Dec -1 348 (346-49); Mar -1 361

Bean Nov +3 958 (953-62); Mar +3 978

  Meal unch 307

  Oil +48 3299

Wheat Dec -6 442; Jly -4 486 (484-91)

  KC -6 436; MGE -2 610

Oats -5 246

Rice +1 1203

 

LC Oct -2 10907; Feb +40 11892; Apr +12 12025

FC Oct -32 15210; Jan -97 15102; Apr -70 14890

LH Oct +45 6032; Dec -17 6190; Feb -5 6730

Milk Oct +23 1666; Nov +18 1646


US$ steady

Dow +20 22662

SP +3 2538

NAS +3 6535

Tran -52 9922

  VIX +.12 9.63

 

WTI -44 4998

Brent -25 5575

Gas +1 158

NG +4 294

HO +2 177

Eth -2 146

Gold -1 1277

Slvr -3 1662

2-yr unch 1.475%

5-yr -.005 1.918%

10yr -.009 2.323%

30yr -.006 2.866%

Lexington Auction (Tues)

Weighted Average Report for 10/03/2017

Receipts:  732    Last Week:  1228    Year Ago:  575

   Compared to last Tuesday feeder steers and heifers sold steady with moderate demand except 600-700 lb steers 3.00 to 5.00 higher with good demand.  Slaughter cows sold 1.00 higher with light demand slaughter bulls sold steady with light demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here