Market Closes - October 8, 2019
Posted on Oct 8, 2019Corn 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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