Market Update - October 20, 2014

Posted on Oct 20, 2014
CBOT futures are lower across the board but a few cents off the day’s lows which were set mostly before the 930 am opening of the pits. Favorable harvest weather this week and a lack of bullish surprises in the weekly export inspections report are weighing on the markets. Technically, corn and soybean futures closed poorly on Friday with the reversal action that ended last week’s rally.

Cattle futures are up strongly on bullish enthusiasm from a strong cash market to end last week. Traders believe the fed cattle price has upside potential. At midday, CHOICE beef is up .64 to 249.80/cwt.

Lean Hog futures are trading lower on weaker cash hog and pork markets. Last week’s slaughter levels were up 2 pct from the previous week. FOB Plant Pork is down 1.66 to 109.35/cwt at midday. Loin and ham values are weaker.

Corn Dec -3 345 (342-47); May -3 367; Dec -2 391 Bean Nov -11 941 (936-51); May -11 965; Nov -10 958 Meal Dec -3 327; May -4 313 Oil -25 3177 Wheat Dec -3 513; July -5 537 (533-40) KC -1 600; MGE -4 567 Oats -3 344 Rice -1 1253

LC Oct +240 16745; Dec +280 16785; Apr +235 16440 FC Oct +225 24070; Nov +282 23697; Mar +217 22882 LH Dec -75 8982; Feb -47 8707; Apr +10 8760 Milk Oct +3 2399; Nov +13 2170

US$ steady

Dow -.2% (due to IBM drop) SP +.4% NAS +.7% Tran +.3% VIX -11% 19.59

WTI -.9% Brent -1.4% Gas -1% NG -2.3% HO -.7% Eth -1.5% Gold +.5% Slvr +.3%

5-yr -.021 1.397% 10yr -.011 2.188% 30yr +.002 2.971%

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Tagged Post Topics Include: Economics, Market updates