Market Update - October 6, 2014

Posted on Oct 6, 2014
CBOT futures are up on weather concerns – weekend frost in the northern Plains and more persistent rains delaying harvest. Since traders had been pushing prices lower, this weather “pause” led to today’s short-covering bounce. Friday’s upcoming USDA Crop Production Report will keep traders on edge all week. The weaker US dollar is also supportive. Wheat gets additional support from the spec funds having such a large short position to unwind.

Cattle futures are trading mixed with slight gains in Live Cattle, but Feeder Cattle futures are dropping away from recent contract highs as the CBOT stages an impressive rally to start the week. Live Cattle is up on Friday’s better cash market and this morning’s strong boxed beef market – Choice up 2.13 and Select up $3.10/cwt.

Although pork cutouts are near steady at midday, Friday’s surge in pork has boosted Lean Hog futures today.

Corn Dec +7 330; May +7 352; Dec15 +7 378 Bean Nov +25 937; May +24 960; Nov15 +21 955 Meal Oct +11 319; May +7 301 Oil +104 3333 Wheat Dec +5 491; Jly +5 519 KC +6 574; MGE +8 551 Oats +7 349 Rice +16 1274

LC Oct +27 16267; Feb +17 16572 FC Oct -160 23927; Mar -157 23150 LH Oct +115 10675; Feb +70 9135 Milk Oct -15 2412; Nov -5 2169

US$ -.5%

Dow -.2% SP -.3% NAS -.5% Tran -.8% VIX +6% 15.47

WTI -.3% Brent -.6% Gas +.4% NG -3% HO -.5% Eth +1.3% Gold +.8% Slvr +1.6%

5-yr -.041 1.696% 10yr -.031 2.416% 30yr -.016 3.118%

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Tagged Post Topics Include: Economics, Market updates