Market Closes - December 11, 2015

Posted on Dec 11, 2015
CBOT futures closed lower with corn and soybean futures ending at/near the day’s lows. Futures steadily fell to the day’s lows during the 830-930 am CST hour. Intraday rallies failed. The early morning collapse in crude oil and equities weighed on CBOT futures. Next week the Federal Reserve is expected to make its first interest rate increase. The VIX soared 26% today as traders/investors are buying insurance against a potential sharp drop in the equity markets.

After rallying late morning, cattle futures then fell strongly to close lower. Yesterday’s bullish key reversals were not confirmed today. Choice beef dropped .58 to 202.50 and Select fell 2.04 to 186.43. Both cutouts were nearly unchanged in the midday report.

Lean Hog futures also rallied very strongly late morning and then weakened into the close. However, LH futures held onto most of the gains to close strongly higher. LH futures jumped to prices not seen since early November. LH futures are generally trending higher – making higher highs and higher lows. FOB Plant Pork closed up .47 at 74.41. Ham and picnics were strong; bellies dropped over 4%. FOB Plant was up .94 at midday.

Corn Mar -4 375 (374-80); Jly -4 385; Dec -3 396 Bean Jan -7 871 (870-84); Jly -7 886; Nov -8 890 Meal unch 274 Oil -43 3136 Wheat Mar -5 490; Jly -4 500 KC -7 482; MGE -8 508 Oats -5 232 Rice -5 1105

LC Dec -10 12145; Apr -30 12735; Jun -32 11880 FC Jan -92 15212; Apr -107 15107; Aug -110 15397 LH Dec -22 5600; Feb +132 6055; Jun +107 7617 Milk Dec -4 1456; Jan -38 1365

 

US$ -.3% Dow -310 17265 SP -40 2012 NAS -112 4933 Tran -147 7525 VIX +5 24.39 +26%

WTI -148 3528 Brent -208 3765 Gas -1 127 NG -4 198 HO -9 114 Eth -1 146 Gold +3 1076 Slvr -19 1389

2-yr -.068 0.879% 5-yr -.123 1.556% 10yr -.109 2.129% 30yr -.102 2.872%

Paris Stockyards, Paris, KY Weighted Average Report for Thursday Dec 10, 2015 Cattle Receipts: 3338 Last week: 2925 Last year: 2933 Compared to last week: Feeder steers sold 4.00-5.00 lower, heifers steady-3.00 lower, slaughter cows and bulls 2.00-3.00 lower.

Feeders: 2901 Slaughter: 212 Replacements: 225 Slaughter cows made up 6 percent of the offering, slaughter bulls 1 percent, replacement cows 6 percent, and feeders 87 percent. The feeder supply included 49 percent steers, 41 percent heifers, and 10 percent bulls. Near 60 percent of the run weighed over 600 lbs.

Tagged Post Topics Include: Economics, Market updates