Market Closes - December 2, 2014

Posted on Dec 2, 2014
The major CBOT commodities closed lower with huge losses in corn, soybeans and soybean oil futures. Selling was encouraged by lower energy prices, a stronger US dollar, rains in Brazil and forecasts for more. A cautionary note is that the January 2015 Soybean chart now has a near-perfect Head-and-Shoulders top formation; any additional drop in price tomorrow would penetrate the “neckline” and project at least to the lows of October 1, or another 90-cent drop.

Live Cattle futures fell sharply and ended near the lows of Monday’s trading. While cash cattle probably won’t trade until week’s end, boxed beef is drifting lower. Choice carcasses down 1.12 at 256.36; Select down 1.68 at 243.66/cwt. December LC futures are now $2-3 below last week’s cash price.

Lean Hog futures also dropped sharply in sympathy with cattle and the general commodity markets. Pork values weakened even more in the afternoon and that pushed LH futures even lower than the prices quoted here. FOB Plant Pork closed down 1.76 to 92.16 as all primals lost value except for the loin.

Livestock futures are down on demand concerns even as the U.S. stock market moves ever higher which should imply strong consumer demand.

Corn Mar -8 381; Jly -8 397; Dec -8 410 Bean Jan -21 996; Jly -20 1015; Nov -16 981 Meal Jan -4 358 Oil -105 3117 Wheat Mar -3 603; Jly -4 613 KC -12 652; MGE -5 632 Oats +2 308 Rice +4 1218

LC Dec -132 16862; Apr -115 16875; Jun -45 16175 In late day trading, Dec LC -207 @ 16787 FC Jan +147 23555; Mar +27 23347; Aug +22 23465 LH Dec -62 8950; Feb +7 8900; Jun -90 9660 In late day trading, Dec LH -110 8902 Milk Dec +17 1792; Jan +42 1663

US$ +.7%

Dow +103 17880 new record SP +13 2067 NAS +28 4756 Tran +110 9059 VIX -1.44 12.85 -10%

WTI -142 6758 Brent -155 7099 Gas -6 182 NG -14 386 HO -5 216 Eth -12 205 Gold -20 1198 Slvr -29 1636

2-yr +.039 0.539% 5-yr +.072 1.595% 10yr +.074 2.292% 30yr +.067 3.013%

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Tagged Post Topics Include: Economics, Market updates