CBOT futures closed higher and near the day’s highs as prices rallied steadily after posting lows early morning. November Soybeans and soybean meal futures traded to new lows not seen since last April. Buying included short-covering in corn and wheat as we head into the end of the month and quarter which also includes USDA’s report on grain stocks. There remains a huge amount of corn and soybeans still to be harvested. As of Sunday, harvest progress was 15% in corn and 10% in soybeans.

Cattle futures closed sharply lower with a few contracts down the daily trading limit of $3.00 in LC and $4.50 in FC. While futures opened only slightly lower, prices soon accelerated lower. Analysts credit heavy long liquidation for the sharp losses as traders worry the cash cattle market is vulnerable to further losses. Last week’s trade averaged around $106 which was down from a week earlier. Choice up 1.18 at 188.22; Select down 0.07 at 179.58.

Lean Hog futures also closed sharply lower.  LH traded higher until late morning, then traded lower into the close. Pressure came from the cattle market and weaker hog and pork prices. FOB Plant Pork closed down 1.04 to 77.57.
 

Corn Dec +3 332; May +3 349

Bean Nov +7 952; May +8 971

  Meal +2 299

  Oil unch 3312

Wheat Dec +8 404; Jly +5 448

  KC +5 419; MGE +8 503

Oats +1 174

Rice +10 978

 

LC Oct -300 limit 10382; Dec -300 10312; Apr -240 10337

FC Sep -122 13482; Nov -450 limit; Jan -415 11922

LH Oct -135 5170; Dec -215 4645; Feb -165 5130

Milk Oct -13 1521; Nov -15 1542
 

US$ +.2%

Dow +133 18228

SP +14 2160

NAS +48 5306

Tran +66 7981

  VIX -1.40 13.10

 

WTI -100 4493

Brent -105 4630

Gas -1 137

NG -2 304

HO -3 142

Eth +2 151

Gold -13 1331

Slvr -38 1922

 

2-yr -.013 0.746%

5-yr -.012 1.115%

10yr -.029 1.560%

30yr -.047 2.280%

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