Market Closes – October 8, 2014

CBOT futures finished mixed with corn rising for the 5th straight day and soybeans drifting lower for a second day following Monday’s sharp rally. Wheat was caught in the middle with little price change. Traders are getting positioned for Friday’s Crop Report. Average Trade Estimates for Friday’s Crop Report are:
Corn
Yield = 175 bu/ac, up from 171.7 bu/ac in September Crop Report
Prod’n = 14.5 billion bushels, up from 14.395 billion last month.

Cattle futures closed modestly higher as the wholesale beef market continues to strengthen. Speculative buying is fueling this rally. New contract highs were set again today in many Feeder Cattle contracts and in the October Live Cattle contract. Boxed beef is up sharply for the third straight day! Choice is up 2.67 to 246.55 and Select beef is up 2.22 to 234.48/cwt. Compared to last Friday afternoon’s quotes, Choice is up $8.23 and Select is up $8.22/cwt.

Lean hog futures also closed modestly higher with support from the cattle pit and a rising CME Lean Hog Cash Index indicating cash market strength. However, pork finished the day weaker. FOB Plant Pork dropped only .22 to 123.53/cwt.

Corn Dec +3 343 (337-43); May +3 365; Dec15 +2 390
Bean Nov -6 935 (926-50); May -6 960; Nov15 -4 959
Meal Oct +3 330; May -2 304
Oil -8 3288
Wheat Dec +1 508; Jly unch 534 (530-38)
KC -2 586; MGE unch 565
Oats -8 343
Rice -11 1262

LC Oct +32 16610; Feb +70 16770; Apr +82 16690
FC Oct +85 24232; Nov +50 24292; Mar +65 23520
LH Oct +87 10810; Dec +80 9515; Apr +65 9230
Milk Oct +10 2400; Nov +15 2145

US$ -.5%

Dow +275 16994
SP +34 1969
NAS +83 4469
Tran +78 8253
VIX -2.09 15.11 -12%

WTI -114 8771
Brent -52 9159
Gas -5 232
NG -10 386
HO -3 258
Eth +3 159
Gold +9 1221
Slvr +12 1736

2-yr -.060 0.452%
5-yr -.090 1.547%
10yr -.032 2.318% (hit 2.38% before FOMC Minutes released)
30yr -.002 3.054%

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