Market Closes - November 13, 2013

Posted on Nov 13, 2013
For those trading CBOT futures, the CME Group has lowered margins for soybean and wheat futures contracts effective today.  Lower volatility in prices means less margin risk for CME.

CBOT futures were mixed.   Spreads were adjusting in soybean futures as the nearby contracts closed steady but summer contracts gained 4-5 cents.  Soybeans were supported by another big sale to China and ongoing concerns about the world vegoil market after the super typhoon hit the Philippines.  Corn futures dropped for the second day as the post-USDA report short-covering ended.  Also traders are pausing in anticipation of EPA’s final ruling on the 2014 RFS for ethanol usage which is likely to be lower than planned.

Wheat futures closed near steady.  Support comes from the proximity of chart support based on the lows set back in September. Advancing wheat harvest in the Southern Hemisphere will increase global competition.  China is expected to increase its wheat imports this year.

Cattle futures had another quiet day with no cash trade. Boxed beef firmed up with Choice carcasses up 0.75 at 203.01 and Select carcasses down 0.05 at 188.49/cwt.

Pork values caught up with the weak hog prices today as the FOB PLANT Pork Cutout dropped $3.05 to $92.19/cwt.  Hog slaughter weights are rising and putting more pork in the pipeline. The December LH contract dropped down to the first support level mentioned yesterday. Need to watch $85.50 as the last support level to prevent sharp losses.

Corn Dec -2 430; Jly -4 456; Dec14 -3 469 Bean Jan unch 1315; Jly +4 1276; Nov +1 1177 Meal Dec -4 423; Jly +1 395 Oil +21 4096 Wheat Dec unch 645; Jly unch 661 KC -1 702; MGE -2 699 Oats unch 336 Rice +7 1560

LC Dec +7 13275; Feb +22 13450; Jun -10 12895 FC Nov +20 16485; Jan +45 16465; Apr -2 16535 LH Dec -82 8637; Apr -67 9265; Jun -60 9885 Milk Nov +2 1882; Dec -1 1796

US$ -.3% Dow +71 15822 SP +14 1782 NAS +46 3966 Tran +44 7142 VIX -.30 12.52

WTI +40 9344 Brent +134 10715 Gas +5 263.5 NG -7 355 HO +4 289 Eth +3 177

Gold +10 1281 Slvr -18 2060

2-yr -.01 0.33% 5-yr -.06 1.40% 10yr -.04 2.74% 30yr -.03 3.83%

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Tagged Post Topics Include: Economics, Market updates