Market Update - October 25, 2013

Posted on Oct 25, 2013
CBOT futures are trading mixed on a lack of significant market news. Harvest pressure looks to cap any nearby rally for corn and soybeans. The soybean futures market is in an “Inverse” position indicating buyers want the beans sooner than later; and a large South American crop in the spring would give the market more comfort.

Live Cattle futures are higher, supported by this week’s strong cash cattle and boxed beef markets.  The October LC surged to $134.90 on low volume late Thursday afternoon, but cooler heads brought the price back this morning.  Feeder Cattle futures are little changed as price seems to be working within a triangle formation on the charts – this should break out next week.

Lean Hog futures are higher with the December LH contract moving to new highs.  Despite weak cash values, there’s apparent worry that the PEDV effect on pig supplies could be bigger than expected and hog supplies shorter. Traders will watch weekly slaughter totals, but the next quarterly hog inventory report is 2 months away.

US financial markets are weighed down by a drop in consumer sentiment.  The Reuters/Univ of MI Index fell to 73.2 from 77.5 in September. Economists expected a reading of 75. Corn Dec unch 441; Jly unch 469; Dec14 unch 483 Bean Nov -3 1307; Jly -12 1248; Nov14 -9 1166 Meal dec unch 426; Jly -4 385 Wheat Dec -4 692; Jly -2 702 KC -3 761; MGE -2 750 Oats unch 344 Rice unch 1553

LC Oct +55 13335; Dec +97 13385; Apr +25 13517 FC Oct +2 16557; Nov +10 16705; Apr unch 16680 LH Dec +57 9017; Feb +37 9222; Jun +65 9950 Milk Oct -1 1824; Nov +2 1870

US$ +.1%

Dow +.1% SP +.1% NAS +.1% Tran -.3% VIX +.8% 13.30

WTI +.5% Brent -.4% Gas -.8% NG +1.2% HO +.1% Eth +1.2%

Gold -.3% Slvr -1.4%

5-yr -.02 1.29% 10yr -.02 2.51% 30yr -.02 3.60%  

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Tagged Post Topics Include: Economics, Market updates