Market Closes - November 10, 2015
Posted on Nov 10, 2015Cattle futures closed sharply lower as futures have collapsed over the past five trading days. Some LC and FC contracts hit new contract lows, previously set October 1. In late-day trading, Live Cattle had bounced back by a dollar/cwt and Feeder Cattle recovered by $2.00/cwt. This selloff is technical and momentum based. Boxed beef was near steady with Choice carcasses up 0.12 at 216.57; Select up 0.25 at 206.94.
Lean Hog futures also closed lower after hitting new contract lows. Sharp cattle losses and lower feed costs pressured LH futures. LH futures are oversold, so could find buyers if other markets stabilize. FOB Plant Pork dropped .91 to 75.51 with large losses in the value of loin, butt and belly cuts.
Corn Dec -8 359 (lo 356); Jly -7 380; Dec16 -4 390 Bean Jan -11 855 (lo 850); Jly -11 866; Nov -8 866 Meal -3 292 Oil -50 2727 Wheat Dec -11 491; Jly -9 501 (lo 498) KC -13 461; MGE -5 499 Oats +2 226 Rice -16 1163
LC Dec -360 12832; Feb -382 13032; Apr -327 13035 FC Nov -557 17155; Jan -595 16157; Apr -452 16177 LH Dec -17 5355; Feb -157 5490; Apr -105 6135 Milk Nov -5 1546; Dec -25 1517
US$ +.2% Dow +28 17758 SP +3 2082 NAS -12 5083 Tran +2 8217 VIX -1.23 15.29
WTI -24 4363 Brent -12 4707 Gas -1 136 NG +3 233 HO unch 148 Eth -2 149 Gold +1 1089 Slvr -3 1438
2-yr -.012 0.874% 5-yr -.022 1.714% 10yr -.006 2.336% 30yr +.002 3.109%
Tagged Post Topics Include: Economics, Market updates
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