Market Closes - September 28, 2016

Posted on Sep 28, 2016

CBOT futures traded narrow ranges today with mostly lower closing prices near the day’s lows. Futures traded higher early morning but selling resumed as the huge harvest rolls on. USDA did report a very large corn sale to Mexico. But China reportedly added around 10% anti-subsidy duty on DDGs; this is on top of the 33.8% anti-dumping tax enacted last week.

Following Tuesday’s limit-down move in some LC and FC contracts, cattle futures started lower this morning but bargain hunters took the market to higher closes. Futures were pressured by early-week cash trade at $103-104, down from $106 last week. October LC is fairly priced to the cash market.  Buyers were encouraged by the strong boxed beef market – Choice ended up 2.53 at 190.75; Select up 0.36 at 179.94.

Lean Hog futures closed narrowly mixed ahead of Friday afternoon’s Quarterly Hogs and Pigs Report (average trade estimate is +1.1% year ago). FOB Plant Pork dropped 2.40 to 75.17 with losses in all primals but the belly. At midday, it was at 77.69. Most LH contracts made new contract lows today.

Crude oil, gasoline and heating oil futures soared today on news that OPEC reached an agreement to control oil production.  

Corn Dec -2 329; May -2 346

Bean Nov -7 945; May -6 965

  Meal unch 300

  Oil -48 3264

Wheat Dec -1 403; Jly +1 450

   KC +2 421; MGE +6 508

Oats unch 174

Rice -4 974

 

LC Oct -35 10347; Dec +50 10362; Apr +22 10360

FC Sep +35 13517; Oct +117 12802; Jan +145 12067

LH Oct unch 5170; Dec +25 4670; Feb -10 5120

Milk Oct +8 1528; Nov +24 1567

 

US$ steady

Dow +111 18339

SP +11 2171

NAS +13 5319

Tran +24 8005

  VIX -.71 12.39

 

WTI +249 4716

Brent +280 4877

Gas +8 144

NG -5 300

HO +8 149

Eth -1 150

Gold -5 1325

Slvr +8 1925

 

2-yr +.012 0.758%

5-yr +.012 1.135%

10yr +.016 1.572%

30yr +.011 2.289%

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