Market Closes - October 7, 2019

Posted on Oct 7, 2019

Corn Dec +2 387 (385-88); Jly +2 408

Bean Nov -1 915 (911-19); Jly +1 959

  Meal -2 302

  Oil +20 3006

Wheat Dec-1 489; Jly -1 506 (505-10)

  KC -2 402; MGE +2 538

Oats -4 281

Rice -1 1164

 

LC Oct +90 10825; Feb -22 11640; Apr -52 11870

FC Oct -27 14170; Jan -130 13640; Apr -97 13747

LH Oct -190 6050; Dec -300 limit 6425; Feb -300 7147

Milk Oct +16 1847; Nov +17 1821

CBOT futures closed narrowly mixed on fairly narrow trading ranges. Traders are marking time ahead of Thursday’s USDA crop reports. The northern crop areas may also see season-ending temperatures later this week. Corn and soybean futures have basically traded sideways the past week.  Corn futures are nearly even with last Monday’s closing prices. The speculative funds are likely still quite short in corn, but getting close to even in soybeans. The US and China are to meet this week on trade negotiations, but history suggests not to expect anything great. Harvest is far behind “normal” for both corn and soybeans.

Week ending Oct 6

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      56%         15%
Last Week      57%         14%
Last year      68%         12%
  ** 58% Mature vs 85% average
  ** 15% Harvested vs 27% average

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      53%         15%
Last Week      55%         13%
Last year      68%         10%
  ** 72% dropping leaves vs 87% average
  ** 14% Harvested vs 34% average

U.S. Pasture and Range
45% good/excellent vs 48% year ago.
27% poor/v.poor vs 22% year ago.


LC Oct +90 10825; Feb -22 11640; Apr -52 11870

FC Oct -27 14170; Jan -130 13640; Apr -97 13747

LH Oct -190 6050; Dec -300 limit 6425; Feb -300 7147

Cattle futures closed mostly lower under pressure from a weaker boxed beef market and generally overbought futures (October LC up over $14 in less than a month). Choice beef fell .87 to 211.09 and Select lost 1.01 to 185.91. LC and FC futures are both above levels posted before the weekend fire at the Kansas packing plant, after which prices collapsed. Trade reports also indicate that packer margins are narrowing, but are still at very profitable levels.

Lean Hog futures fell sharply, with December and February contracts down the $3.00 daily limit. LH was pressured by last week’s surge in pork production – up 1.3% from the week prior and up 7.1% from a year earlier. LH fell despite a big jump in the pork cutout.

FOB Plant Pork soared 2.58 to 77.75 as bellies rose nearly 7%, and hams and loins rose 2%.  The morning quote was up even more at 78.43. The US and China are to meet this week on trade talks, but traders want to see confirmed sales first. Today’s price action is technically negative.

 

US$ +.1%

Dow -96 26478

SP -13 2939

NAS -26 7956

Tran -15 10015

  VIX +.82 17.86

 

WTI -3 5271

Brent -2 5835

Gas unch 157

NG -5 230

HO +1 190

Eth +1 140

Gold -8 1504

Slvr -8 1754

 

2-yr +.072 1.470%

5-yr +.068 1.397%

10yr +.049 1.563%

30yr +.039 2.053%

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