Market Closes - November 5, 2012

Posted on Nov 5, 2012
  Corn and soybean futures opened lower at 930 am and traded down from there.  Wheat futures held up until midday, but gave in and lost its gains.  CBOT futures closed near the day’s lows.

  December Corn and January Soybeans are still above key support.

  The soybean futures lead the market down as funds liquidated positions as the soy complex fell for the second day in a row. Fundamentally bearish was last week’s private soybean production estimates predicting more soybeans than USDA forecast in its October report, as well as improving weather in South America that will promote timely planting.

  Winter Wheat condition for the U.S. deteriorated from last week. This will be supportive, especially to the KC HRW contract.    

  Cattle futures edged lower as beef demand suffers from high prices and the trouble faced by consumers in the New York/New Jersey area.

  Lean Hog futures closed down despite a 93 cent gain in the Pork Cutout value and December futures’ discount to the cash hog market.

  The 6-10 day and 8-14 day outlooks show KY should be warmer and wetter than normal.

 Corn Dec -4 735.5; Mar -4.5 738; Dec’13 -5 631.5

Bean Jan -23.5 1503; Mar -21 1482; Nov’13 -2 1334   Meal Dec -7 469; May -2 437   Oil -94 4832

Wheat Dec +1.5 866; Jly -1 874   KC unch 909;  MGE unch 940

LC Dec -15 12527; Feb -17 12900; Jun -30 12940

FC Nov unch 14490; Jan +10 14677; Apr -20 15057

LH Dec -82 7692; Feb -95 8295; Jun -165 9812

Milk Nov -2 2118; Dec -1 2039

Oats -9 358

Rice +15 1516

US$ +.25%

Dow +19 13112

SP +3 1417

NAS +18 3000

Tran +14 5124

VIX +.72 18.31

WTI +89 8575

Brent +238 10806

Gas +5.5 263

NG +1 356

HO +4 299

Eth -2 233

Gold +10 1685

Slvr +33 3119

2-yr -.008 0.278% 5-yr -.022 0.699% 10yr -.035 1.682% 30yr -.036 2.870%

Tagged Post Topics Include: Economics, Market updates