Market Closes - December 2, 2013
Posted on Dec 2, 2013Today’s price action was quite negative for old-crop soybeans and soybean meal futures. However, corn futures rebounded at midday after moving to new lows; however, the downtrend on the chart is intact. Last week’s corn shipments were strong.
Live and feeder cattle futures closed mixed with little changes and with pretty narrow trading ranges on the day. Without bullish boxed beef markets, it’s no surprise to see futures trade steady or weaker after last week’s sharp run-up in prices; plus prices are near short-term chart resistance. This afternoon’s closing beef prices were Choice up 0.18 at 203.06 and Select carcasses up 1.07 at 191.48/cwt.
Hog futures also closed mixed with small changes on little market news. Futures are in the middle of a 3-week trading range. FOB Plant pork cutout jumped $1.72 to $91.53/cwt on a 5% pop in belly prices.
US stocks sold off late in the day despite the positive economic reports in the morning. Although stocks sold off, Treasury yields maintained most of the early rate increases.
Corn Dec +1 416; Mar unch 424 (418-425); Jly unch 440; Dec14 unch 454 Bean Jan -15 1321; jly -9 279; Nov +3 1150 Meal Jan -8 429; Jly -5 399 Oil +14 4060 Wheat Mar -7 662; Jly -7 663 KC -3 706; MGE -5 702 Oats -7 324 Rice -6 1590
LC Dec -22 13325; Apr +2 13500; Jun unch 12892 FC Jan -12 16535; Apr +22 16662; Aug +30 16810 LH Dec +35 8602; Feb -12 9045; Jun -2 10040 Milk Dec +19 1866; Jan +27 1799
US$ +.3%
Dow -78 16009 SP -5 1801 NAS -15 4045 Tran +18 7254 VIX +.53 14.23 +3.9%
WTI +123 9395 Brent +178 11147 Gas +2 268 NG +2 397 HO +2 305 Eth +1.5 171
Gold -31 1219 Slvr -89 1909
2-yr steady 0.29% 5-yr +.05 1.42% 10yr +.05 2.80% 30yr +.04 3.86%
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Tagged Post Topics Include: Economics, Market updates
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