Market Updates Throughout the Day

Rusty Halvorson provides a market update as of 10/01/2020 at 12 p.m. Central Time.

Outside Markets:  U.S. stock continued their march higher on Thursday to begin the month of October.

Although investors don’t see a repeat of the spring lockdowns due to coronavirus, there is concern about cold weather on the horizon and the upcoming flu season.

We visited with Arlan Suderman, Chief Commodities Economist with StoneX, and asked the question — are we in a new bull market environment?

 

Livestock:  Cattle and hog trade on the futures board has been mixed on the day.

National Daily Direct Hogs at midday were $1.10 lower, with a weighted average of $63.60.

The projected slaughter rate for cattle is estimated at 120,00 head for Thursday, as cash cattle trade has largely been quiet on the week.

Grains:  Corn and soybean futures are maintaining a firm tone following yesterday’s impressive rally.  Wheat futures, on the other hand, have seen mixed activity in Thursday’s trade.

 

Early Grains:  The grains trended higher in the overnight session.

Corn and soybeans soared higher on Wednesday – reacting to larger than expected cuts to U.S. grain stocks, reported by USDA.

Old crop corn stocks were reported a 2 billion bushels by USDA, around 200 million less than traders were expecting.

Old crop soybean stocks were reported at 523 million bushels, about 50 million bushels less than the trade was expecting.

We visited after the report numbers were released with Arlan Suderman, Chief Commodities Economist with StoneX

 

 

Livestock: Cattle and Hog futures are being called mixed to begin trade as we start the Month of October.

Live Cattle futures closed lower on Wednesday, after touching the best level in over a month.

Lean Hog futures, on the other hand, trended higher on the day yesterday.

A few cash cattle deals were being reported in parts of Western Nebraska at $107 on a live basis, $2 higher than a week ago.

Outside Markets:  The Dow Jones Industrial Average closed up 329 points on Wednesday.

U.S. benchmark oil prices ended the session 2.4% higher.  The EIA reported that commercial inventories in the U.S. fell by 2 million barrels last week, the 9th decline in 10 weeks.

Natural gas prices ended the third quarter with a 44% increase, marking the biggest gains since the second quarter of 2016.