Market Closes - November 26, 2013

Posted on Nov 26, 2013
 

CBOT futures closed mostly lower as bullish news is missing. The strongest market was December Soybean Meal which is supported by strong export demand and the colder weather. Soybean futures cut losses as the day progressed and closed near the day’s highs. More losses in soybean oil futures weighed on soybean prices.  USDA reported both a Chinese soybean cancellation and a new sale to “unknown”; China may be trying to shake the market to get futures to weaken.

December Corn retreated from the 50 pct retracement level reached on Monday.  The downtrend started in June is still intact although sideways price action would break through it. Cash bids will move to the March contract in the next couple days.

Outside markets were neutral to weaker.  US consumer confidence came in lower than expected.

Cattle futures made a strong move higher after beef prices maintained the big gains made Monday. The December LC contract is now above last week’s highs and the critical chart level of $131.50.  Choice up 0.10 at 201.42; Select up 0.80 at 189.08/cwt.  Meat buyers can begin to look past Thanksgiving’s ham and turkey.

Lean Hog futures closed higher after the December LH contract tested last week’s lows around $85.00 which is important support. Higher cattle futures probably lent support to LH.

Corn Dec -6 418; Jly -6 440; Dec14 -5 454

Bean Jan unch 1329 (1317-1331);

Jly -3 1285; Nov -5 1156

Meal Dec +13 450; Jly -1 401

Oil -35 4060

Wheat Dec -6 646; Mar -3 656; Jly -4 657

KC +1 704; MGE -5 695

Oats +3 384

Rice -6 1574

 

LC Dec +92 13200; Feb +125 13317; Jun +77 12792 FC Jan +165 16445; Apr +152 16537; Aug +145 16675 LH Dec +27 8587; Feb +80 9060; Jun +17 9995 Milk Dec +16 1842; Jan +4 1756

US$ -.4%

Dow unch SP unch NAS +23 4018 Tran -5 7213 VIX +.02 12.81

WTI -58 9351

Brent +6 11106

Gas +1 269

NG +5 383

HO +2 305

Eth -3 193 (low 184)

Gold +1 1242

Slvr -4 1984

2-yr -.02 0.29% 5-yr -.02 1.31% 10yr -.02 2.71% 30yr -.02 3.80% 

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Tagged Post Topics Include: Economics, Market updates