CBOT futures closed lower and near the day’s lows after failing to hold the early morning price gains. The main cause for prices to fall was a soaring US Dollar in response to news that the European Central Bank could do more monetary easing (stimulus). This also helped push the US equity markets to big gains.

Fundamental news was mostly positive for the soy complex with better than expected weekly soybean sales and firming basis levels on slow farmer sales. A negative is forecasts for rain in Brazil’s soybean area. Take note that November Soybean options expire tomorrow and reportedly there’s a large volume of puts and calls at the $9.00 Strike Price which could be a magnet for the closing price tomorrow.

New daily price limits for grains become effective Nov 2, 2015. Corn daily limit will go from 30 cents to 25 cents, soybeans drop from 70 to 60 cents and Chicago Wheat from 40 cents to 35 cents.

Cattle futures closed higher today but generally have moved sideways the last couple days following Monday’s gap higher due to the soaring cash market last Friday. Boxed beef values were supportive. Choice up 0.98 at 217.47; Select down 0.12 at 209.87

Lean Hog futures closed lower for a second day after prices posted bearish reversals yesterday. Cash hog and pork markets were lower. FOB Plant Pork dropped 1.62 to 88.02 with sharp losses in values of hams, picnics and butts.

Corn Dec -2 378 (377-83); Jly -3 397; Dec16 -2 402 Bean Nov -6 899 (897-913); Jly -9 910; Nov16 -8 899 (same as 2015) Meal -3 308 Oil -33 2885 Wheat Dec -4 491; Jly -4 504 (503-513) KC -5 475; MGE -4 508 Oats -3 225 Rice -12 1213

LC Oct +45 14042; Dec +60 14375; Apr +100 14417 FC Oct +130 19555; Jan +152 18630; Apr +150 18287 LH Dec -57 6645; Feb -57 6812; Apr -47 7125 Milk Nov -7 1562; Dec -9 1559

 

US$ +1.4% Dow +320 17489 SP +34 2053 NAS +80 4920 Tran +120 8239 VIX -2.25 14.45 -13.5%

WTI +29 4549 Brent +31 4816 Gas +3 131 NG -3 237 HO +3 148 Eth +1 156 Gold -1 1166 Slvr +13 1548

2-yr -.020 0.605% 5-yr -.009 1.350% 10yr -.002 2.028% 30yr -.006 2.863%