Market Update - October 21, 2013

Posted on Oct 21, 2013
Wheat futures are down about one percent on reports of larger-than-expected wheat production in key export competitors.  However, the market has not given up all of the huge gains posted last Friday. Corn futures are down slightly on spillover pressure from the wheat futures market.

Soybean and meal futures are stronger today on better-than-expected soybean export inspections for last week.  It’s good to see these important market reports available again. Harvest progress will be updated this afternoon.

Cattle futures are mixed with little change.  Traders are getting more comfortable as the daily livestock and meat reports return.  Last week’s cash trade was around $129/cwt, so October futures are inline. The seasonal trend should be higher.

Lean Hog futures are down slightly following last week’s bearish technical trade and weak pork values.  The seasonal factor should pressure cash prices going forward.

Corn Dec -2 440; Jly -1 468 Bean Nov +6 1297; Jly +5 1259 Meal Dec +3 413; Jly +2 385 Oil +9 4177

Wheat Dec -7 699; Jly -5 698 KC -7 761; MGE -7 753

Oats -1 335 Rice -5 1523

LC Oct +12 13000; Feb +10 13397 FC Oct -32 16575; Jan +27 16687 LH Dec -30 8765; Feb -27 8977 Milk Oct -3 1822; Nov -10 1822

US$ +.1%

Dow -.1% SP -.1% NAS +.1% Tran -.1% VIX +3.2% 13.46

WTI -1.1% broke below $100 Brent -.3% Gas -.4% NG -1% HO -.7% Eth +.8%

Gold +.2% Slvr +1.5%

5-yr +.02 1.36% 10yr +.03 2.61% 30yr +.03 3.68%

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Tagged Post Topics Include: Economics, Market updates