Market Closes - December 8, 2015

Posted on Dec 8, 2015
CBOT futures closed steady to weaker as trading calmed down somewhat after Monday’s excitement. The US$ weakened and energy prices stabilized, so the outside market influence was neutral. Fundamental news was pretty much unchanged. Tomorrow’s USDA WASDE report shouldn’t be a big factor.

Cattle futures closed lower at 1 pm except for the nearby December LC contract. Unfortunately, LC and FC sold off significantly during the afternoon with the January FC contract dropping 4.37 to 152.07. Choice beef gained 1.27 to 204.14 and Select edged up .37 to 190.73. Midday Choice was up 1.84. Momentum and attitudes remain bearish as new contract lows are made. December LC held above the $120.05 support level on the weekly continuation chart. Click Here

Lean Hog futures closed mostly higher but well off the highs as the crash in cattle futures carried into lean hogs. Futures were stronger despite extreme weakness in the pork market. FOB Plant Pork closed down 1.79 to 72.10 on a 10% drop in the belly value. At midday, FOB Plant was down 3.32 on sharp losses in ham and belly values.

Corn Mar unch 373 (372-75); Jly unch 384; Dec unch 395 Bean Jan -5 877 (873-87); Jly -6 892; Nov -6 895 Meal Jan -3 275 Oil +24 3149 Wheat Mar -1 481; Jly -2 493 (488-96) KC -2 472; MGE -4 505 Oats +7 242 Rice +9 1097

LC Dec +62 12225; Apr -40 12805; Jun -90 11972 FC Jan -260 15385; Apr -245 15267; Aug -155 15625 LH Dec -15 5532; Feb +85 5837; Apr +70 6235 Milk Dec -2 1460; Jan -19 1416

 

US$ -.3% 98.41 Dow -163 17568 SP -13 2064 NAS -4 5098 Tran -222 7663 VIX +1.76 17.60 +11%

WTI +20 3785 Brent -27 4046 Gas -1 120 NG +1 208 HO -2 126 Eth unch 147 Gold -2 1074 Slvr -18 1413

2-yr -.004 0.931% 5-yr -.013 1.661% 10yr -.005 2.220% 30yr +.006 2.955%

PORK EXPORTS DOWN Y/Y U.S. pork and beef exports in October edged higher than the previous month, but were still down from a year ago, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports were down 3 percent year-over-year in volume to 177,191 metric tons (mt), and fell 21 percent in value to $447.8 million, reflecting lower global pork prices. Through the first 10 months of the year, exports were down 4 percent in volume (1.76 million mt) and were 17 percent lower in value ($4.65 billion).   January-October exports accounted for 24 percent of total pork production and 21 percent for muscle cuts only, down from 27 percent and 22 percent, respectively, during the same period in 2014. Export value per head slaughtered averaged $48.84, down 23 percent year-over-year.

Tagged Post Topics Include: Economics, Market updates