Market Closes - November 16, 2015
Posted on Nov 16, 2015Cattle futures closed sharply lower with Live Cattle limit down. Last week’s $3-5/cwt drop in cash cattle markets and sharply lower boxed beef values caused futures to gap lower on the opening this morning and prices quickly locked down limit. Most likely, December LC will crash below last week’s low in the morning, headed toward the weekly chart support at $120.00 posted October 1-2. (a year ago, nearby LC traded $165-170).
Choice beef carcasses closed down 0.26 at 209.04; Select down 2.06 at 196.99. The Cutter Cow Cutout jumped 3.43 to 175.61.
Lean Hog futures closed down the daily $3.00 limit with December LH breaking to a new Contract Low price. LH futures have not been this low since 2009. December could find support at $50.00; resistance is $57.15. FOB Plant Pork closed up 1.33 at 74.69. But this comes after a $2.80 loss on Friday. Last week’s pork production was record large.
Corn Dec +2 360; Jly +1 378; Dec16 +2 389 Bean Jan +4 859; Jly +4 873; Nov +5 879 Meal Dec unch 289 Oil +25 2729 Wheat Dec -2 494; Jly -2 501 KC +2 467; MGE unch 505 Oats +3 235 Rice -30 1184
LC Dec -300 limit 12767; Feb -300 12965; Apr -300 12955 FC Nov -277 17230; Jan -445 16010; Apr -375 15865 LH Dec -300 limit 5180; Feb -300 5405; Apr -290 5932 Milk Nov unch 1541; Dec -22 1484
US$ +.4% Dow +238 17483 SP +30 2053 NAS +57 4985 Tran +42 8052 VIX -1.92 18.16
WTI +130 4204 Brent +38 4485 Gas +1 125 NG -3 233 HO +2 140 Eth +1 146 Gold +1 1082 Slvr unch 1420
2-yr -.004 0.855% 5-yr -.015 1.655% 10yr -.009 2.271% 30yr +.006 3.064%
Tagged Post Topics Include: Economics, Market updates
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