Market Closes - October 6, 2015 - Kentucky Farm Bureau

Market Closes - October 6, 2015

Posted on Oct 6, 2015
CBOT futures closed higher to varying degrees with the support of outside markets – a weaker US dollar and sharply higher crude oil futures. While CBOT futures opened on Monday evening with small losses, these markets jumped early Tuesday morning; first, wheat rallied, then corn, followed by soybean futures. Likewise the biggest gains came in the wheat market and the smallest gains in soybeans (and products). Technical buying boosted the rally has wheat surpassed last week’s highs and December Corn pushed above chart resistance at $3.95; $4.02 is the next resistance point. General price action follows the tightening fundamentals for corn and wheat versus ideas soybean crop could be bigger than previously thought. USDA will provide new production/S&D data on Friday.

Cattle futures closed sharply higher with most contracts finishing up the daily price limit. The sharply higher crude oil market and rising CBOT futures probably inspired heavy short-covering and bargain hunting. Boxed beef values were little changed -- Choice up 0.20 at 204.17; Select down 0.18 at 198.87. Have to see if there’s follow-through buying tomorrow.

Lean Hog futures closed higher with prices pushing back near the highs set last week. Limit-up cattle futures were supportive as was improving cash markets. Pork values were steady -- FOB Plant Pork dropped .14 at 87.03

Corn Dec +5 398; Jly +5 419; Dec16 +5 419 Bean Nov +4 888; Jly +4 904; Nov16 +4 896 Meal +1 302 Oil +3 2851 Wheat Dec +11 526; Jly +12 540 KC +14 516; MGE +10 541 Oats +3 219 Rice -3 1336

LC Oct +300 limit 12512; Feb +297 13565; Apr +270 13550 FC Oct +440 18252; Jan +450 limit 17280; Apr +450 17265 LH Oct +60 7360; Dec +200 6672; Feb +150 6982 Milk Oct -22 1568; Nov -17 1568

 

US$ -.6% Dow +14 16790 SP -7 1980 NAS -33 4748 Tran -83 7972 VIX -.14 19.40

WTI +227 4902 Brent +280 5267 Gas +4 143 NG +3 248 HO +6 161 Eth +1 160 Gold +9 1147 Slvr +18 1588

2-yr -.004 0.605% 5-yr -.020 1.326% 10yr -.023 2.033% 30yr -.027 2.871%

Lexington Auction (Tues) Weighted Average Report for 10/06/2015 Receipts: 1172 Last Week: 1281 Year Ago: 1183 Compared to yesterday steer calves under 550 lbs traded 2.00-5.00 higher with moderate demand; over 550 traded mostly steady with light demand. Heifer calves sold mostly steady. Quality was plain through good. CME feeder cattle futures finally showing some encouragement as they were up the limit for the first time in several weeks this afternoon. Slaughter cows traded steady. Slaughter bulls traded steady to 2.00 lower with light demand. Very light demand for fat breaker cows.

Tagged Post Topics Include: Economics, Market updates


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