Market Closes - October 8, 2014

Posted on Oct 8, 2014
CBOT futures finished mixed with corn rising for the 5th straight day and soybeans drifting lower for a second day following Monday’s sharp rally. Wheat was caught in the middle with little price change. Traders are getting positioned for Friday’s Crop Report. Average Trade Estimates for Friday’s Crop Report are: Corn Yield = 175 bu/ac, up from 171.7 bu/ac in September Crop Report Prod’n = 14.5 billion bushels, up from 14.395 billion last month.

Cattle futures closed modestly higher as the wholesale beef market continues to strengthen. Speculative buying is fueling this rally. New contract highs were set again today in many Feeder Cattle contracts and in the October Live Cattle contract. Boxed beef is up sharply for the third straight day! Choice is up 2.67 to 246.55 and Select beef is up 2.22 to 234.48/cwt. Compared to last Friday afternoon’s quotes, Choice is up $8.23 and Select is up $8.22/cwt.

Lean hog futures also closed modestly higher with support from the cattle pit and a rising CME Lean Hog Cash Index indicating cash market strength. However, pork finished the day weaker. FOB Plant Pork dropped only .22 to 123.53/cwt.

Corn Dec +3 343 (337-43); May +3 365; Dec15 +2 390 Bean Nov -6 935 (926-50); May -6 960; Nov15 -4 959 Meal Oct +3 330; May -2 304 Oil -8 3288 Wheat Dec +1 508; Jly unch 534 (530-38) KC -2 586; MGE unch 565 Oats -8 343 Rice -11 1262

LC Oct +32 16610; Feb +70 16770; Apr +82 16690 FC Oct +85 24232; Nov +50 24292; Mar +65 23520 LH Oct +87 10810; Dec +80 9515; Apr +65 9230 Milk Oct +10 2400; Nov +15 2145

US$ -.5%

Dow +275 16994 SP +34 1969 NAS +83 4469 Tran +78 8253 VIX -2.09 15.11 -12%

WTI -114 8771 Brent -52 9159 Gas -5 232 NG -10 386 HO -3 258 Eth +3 159 Gold +9 1221 Slvr +12 1736

2-yr -.060 0.452% 5-yr -.090 1.547% 10yr -.032 2.318% (hit 2.38% before FOMC Minutes released) 30yr -.002 3.054%

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Tagged Post Topics Include: Economics, Market updates