Market Closes - October 5, 2015

Posted on Oct 5, 2015
CBOT futures closed higher lead by soybean oil lifting soybean prices. Soyoil was supported by higher crude prices and the palm oil market. The funds were reportedly buyers across the board. Corn was supported by the soy strength and ideas that USDA will come out with a smaller yield this Friday in its Crop Production report. December Corn has chart resistance at 3.95, so tomorrow could be interesting. Wheat price charts continue to have uptrends in place.

As of October 4, 2015 Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 68% 10% Last Week 68 10 Year Ago 74 7

Corn Harvested 27% this week vs 16% year ago and 32% for 2010-14 average.

Soybean Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 64% 11% Last Week 62 12 Year Ago 73 6

Soybeans Harvested 42% this week vs 19% year ago and 32% for 2010-14 average.

Pasture Conditions 44% good/excellent vs 22% poor/v.poor

Cattle futures closed lower and then dropped a dollar or more through the afternoon trading as bearish sentiment persists. Futures rallied until mid-morning following last Friday’s price gains, but then sold off steadily the rest of the day. But futures remain above last week’s contract lows. The weekly Live Cattle chart shows support near $119.

Fed cattle markets are under pressure from a large supply of heavy cattle that is overwhelming beef demand. The big supply of cheaper pork/chicken magnifies the problem. Choice beef dropped 1.80 to 203.97 and Select fell 2.31 to 199.05.

Lean Hog futures closed mixed with weakness in the nearer contracts. LH futures also showed strength in the first hour of trading, only to sell off. Pork markets were stronger. FOB Plant Pork jumped this afternoon by 1.64 to 87.17 as belly value soared 11.38 to 157.69.

 

Corn Dec +4 393 (389-94); Jly +4 414; Dec16 +4 414 Bean Nov +10 884 (872-86); Jly +9 901; Nov16 +9 892 Meal +2 301 Oil +64 2848 Wheat Dec +2 515; Jly +3 528 (521-29) KC +1 502; MGE +3 531 Oats +4 216 Rice +15 1340

LC Oct -95 12212; Dec -115 13022; Apr -72 13280 FC Oct -137 17812; Jan -105 16830; Apr -77 16815 LH Oct -35 7300; Dec -65 6472; Feb +10 6832 Milk Oct +25 1594; Nov +25 1588 US$ +.2% Dow +304 16776 SP +36 1987 NAS +73 4781 Tran +182 8055 VIX -1.40 19.54 - 6.7%

WTI +72 4672 Brent +102 4981 Gas +4 139 NG unch 246 HO +3 155 Eth +5 159 Gold -1 1136 Slvr +37 1563

2-yr +.032 0.609% 5-yr +.056 1.342% 10yr +.067 2.056% 30yr +.072 2.899%

Tagged Post Topics Include: Economics, Market updates