Market Closes - October 8, 2019

Posted on Oct 8, 2019

Corn Dec +9 396 (386-96); Jly +6 414

Bean Nov +5 920 (910-24); Jly +6 965

  Meal +5 307 (302-08)

  Oil -24 2982

Wheat Dec +11 500; Jly +10 516 (504-18)

  KC +8 410; MGE +5 543

Oats +3 284

Rice +19 1184

 

LC Oct -7 10817; Feb +30 11670; Apr +30 11900

FC Oct +32 14202; Jan +35 13675; Apr +15 13762

LH Oct +120 6170; Dec +315 6740; Feb +212 7360

Milk Oct +14 1862; Nov +24 1845

Corn and wheat rallied sharply, followed by soybeans. Corn was supported by Monday’s lower than expected harvest completion and the forecast heavy snow and wind in the northern Corn Belt (Dakotas, MN). CBOT rallied even as the US/China relationship seemed to deteriorate today.

Today’s price action on the charts looks friendly as soybeans posted bullish outside up days, corn moved higher from a bullish flag pattern, and Chicago wheat rose sharply to new highs for this move off early September lows (a rally of 45-50 cents). Remember that there is a monthly USDA crop report on Thursday.

Cattle futures closed slightly higher in narrow trading ranges. With last week’s cash price and October LC futures nearly in line, there’s little pressure to move futures. Choice beef gained 2.51 to 213.60 and Select rose 1.15 to 187.06.

Lean Hog futures closed strongly higher today after LH closed as much as $3.00 lower on Monday. It appears that traders had second thoughts about Monday’s selloff. Trade reports indicated short-covering occurred on optimism for pork exports (despite a deterioration in US/China relations today). FOB Plant Pork slipped .30 to 77.45. Belly value rose another 2%, but hams fell over 7%. December LH posted a bullish key reversal.

US$ +.1%

Dow -314 26164

SP -46 2893

NAS -133 7824

Tran -185 9829

  VIX +2.43 20.29

 

WTI -9 5262

Brent -11 5824

Gas +1 158

NG -1 229

HO +1 191

Eth +5 144

Gold unch 1504

Slvr +16 1770

 

2-yr -.039 1.425%

5-yr -.027 1.357%

10yr -.019 1.534%

30yr -.017 2.035%

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