Market Update - October 29, 2013

Posted on Oct 29, 2013
Corn and wheat futures are lower and at/near the day’s lows. Soybean futures are up slightly and trading in the middle of today’s range. Monday’s sharp losses at the CBOT are weighing on the market.  Corn and wheat are making new lows for this latest move.  November Soybeans are trying to stay above the $12.60 support area. In a reversal from last week’s trend, soybean oil is lifting soybean futures while soybean meal is softer.

Yesterday’s USDA report put harvest completion at 59 pct for corn and 77 pct for soybeans.  KENTUCKY’s harvests are running behind normal.

Cattle futures are mixed with little change and are generally trading close to today’s highs.  Boxed beef values surged on Monday so cash cattle price should hold up this week.

Lean Hog futures are lower today following Monday’s big rally.  Prices are supported by concerns that slaughter totals are running short of expectations.

Corn Dec -2 429; Jly -2 457; Dec14 -2 473 Bean Nov +3 1274; Jly +4 1235; Nov14 +3 1160 Meal Dec -2 413; Jly unch 381 Oil +34 4070

Wheat Dec -4 677; Jly -4 686; KC -1 750; MGE unch 736 Oats -2 326 Rice +1 1537

LC Oct +22 13337; Feb -7 13450 FC Oct -27 16570; Nov -45 16662; Apr -37 16665 LH Dec -60 9135; Apr -100 9540 Milk Nov -9 1865; Dec -1 1804

US$ +.1%

Dow +.3% SP +.3% NAS unch Tran unch VIx -.1% 13.30

WTI -.5% Brent -.9% Gas -1.2% NG -.9% HO -.4% Eth -1.7%

Gold -.3% Slvr +.1%

5-yr -.01 1.28% 10yr -.01 2.52% 30yr unch 3.62%

KENTUCKY CASH GRAIN BIDS Click Here

 

Tagged Post Topics Include: Economics, Market updates