Market Closes - December 11, 2014

Posted on Dec 11, 2014
CBOT futures closed strongly higher with wheat being the best performer at day’s end. The funds were reportedly buyers in all 5 key commodities. The midday selloff was short-lived with corn and wheat futures rising into the closing bell. Soybean futures saw gains ease as the markets closed. Poor soybean export sales weighed and basis levels weakened from the Gulf to Illinois processors. CASH Soybean basis along Ohio River is down around 10 cents this week. The CBOT rallied even as outside markets were bearish – stronger dollar and weaker crude oil.

While the December corn, wheat and meal contracts expire tomorrow, it’s interesting to note that December Corn closed at a new high for this fall’s rally – hitting prices not seen since July. The WEEKLY Corn chart has gap resistance at 3.94 and then 4.16. Unless prices drop by Monday, the first gap will be closed when the March Corn becomes the nearby contract. See Chart HERE.

Live cattle futures closed slightly lower as cash cattle and beef values weaken. The cash price is down about $2/cwt from last week, but CHOICE Beef lost 2.16 today to 247.79 and Select is down .43 to 235.94. Choice Beef is almost $5.00/cwt lower than last Friday. Packers are operating in the red.

Lean Hog futures closed weaker as the pork market fell for a second day. FOB Plant Pork dropped 1.36 to 90.93 with all primal cuts down except for the belly (up 3.02 to 101.89).

The strong stock market rally faded by the end of the day as crude oil fell below $60/barrel and Congressional approval of the massive spending bill was in question.

Corn Mar +5 398; Jly +4 412; Dec +4 425 Bean Jan +10 1042; Jly +10 1060; Nov +8 1018 Meal Jan +2 371; Jly +2 350 Oil +27 3202 Wheat Mar +16 597; Jly +13 601 KC +10 627; MGE +11 615 Oats +1 311 Rice -17 1208

LC Dec -7 16240; Feb -27 16257; Jun -72 15465 FC all contracts down $3.00 limit. Jan 22860; Mar 22425; Aug 22422 LH Dec +27 8755; Feb -20 8435; Jun -80 9185 Milk Dec -12 1775; Jan +3 1593

US$ +.5%

Dow +63 17596 SP +9 2035 (high 2055) NAS +24 4708 Tran +69 8927 VIX +1.55 20.08 +8.36%

WTI -177 5917 Brent -97 6327 Gas -2 162 NG -6 365 HO +1 206 Eth +4 171 Gold -5 1224 Slvr +4 1717

2-yr +.028 0.608% 5-yr +.031 1.600% 10yr +.002 2.171% 30yr -.023 2.812%

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates