Market Closes - October 9, 2019

Posted on Oct 9, 2019

Corn Dec -1 394 (393-97); Jly unch 414

Bean Nov +3 924 (918-31); Jly +3 969

  Meal +3 310 (306-12)

  Oil -11 2971 (2960-3002)

Wheat Dec unch 500; Jly unch 516 (513-19)

   KC +3 413; MGE -2 542

Oats unch 284

Rice +16 1200

 

LC Oct +30 10847; Feb +60 11730; Apr +75 11975

FC Oct +247 14450; Jan +277 13952; Apr +205 13967

LH Oct +110 6280; Dec +207 6947; Feb +235 7595

Milk Oct +10 1870; Nov +30 1875

CBOT futures closed narrowly mixed ahead of tomorrow’s USDA crop reports. Corn and wheat didn’t see the follow-through to Monday’s bullish price action. Soybeans made up some of the price it lagged corn and wheat yesterday. Besides the USDA report, traders have an eye on US/China trade talks tomorrow and the approaching severe winter storm (crop losses expected). China is supposedly offering to buy more soybeans and other ag products to get a partial deal.

The average trade guesses are for corn production to drop from 13.8 billion to 13.6 billion bushels on a yield of 166.8 bu/ac, down 1.4 bu/ac. 2019/20 ending stocks at 1.684 billion, down from 2.190 billion in September (due to sharp drop in 2018/19 ending stocks). Traders expect soybean yield to drop 0.8 to 47.1 bu/acre. 2019/20 ending stocks are predicted to be 510 million bushels.

Cattle futures closed higher with the biggest move in feeder futures. Feeder futures closed above the September highs. October high levels not seen since May, but January FC remain below key chart resistance at $142. Cattle were supported by higher beef values and expectations for higher cash fed prices this week. Choice beef rose 1.00 to 214.60 and Select fell .94 to 186.12.  The Choice/Select spread shot out to 28.48.

Lean Hog futures closed strongly higher, following through on Tuesday’s bullish price reversal. Although pork values slid, LH was supported by optimism that China is closer to buying US pork as trade talks restart tomorrow. FOB Plant Pork dropped 1.44 to 76.01 with loins down 5%, picnics down 4%, and bellies down over 2%. The cutout was down 2.03 in the morning.

US$ +.1%

Dow +182 26346

SP +26 2919

NAS +80 7904

Tran +114 9943

  VIX -1.64 18.64

 

WTI +5 5267

Brent +7 5831

Gas unch 158

NG -5 224

HO unch 191

Eth +6 150

Gold +7 1511

Slvr +6 1776

 

2-yr +.045 1.470%

5-yr +.051 1.409%

10yr +.048 1.587%

30yr +.044 2.086%

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