Market Closes - November 5, 2014

Posted on Nov 5, 2014
CBOT futures closed mixed on little news. Futures worked lower and into negative territory overnight. But about 930 am CT, crude oil spike higher on rumors of a Saudi oil pipeline explosion. Related or not, corn and soybean futures began to rally and this continued throughout the trading day as funds were buyers. Wheat futures didn’t follow this pattern and closed lower as traders are concerned about U.S. wheat export competitiveness. Wheat also had negative technical action as the 6-week uptrend in Chicago Wheat was broken. KC Wheat has a short-term down trend and hit a new low for the move. Traders will begin positioning for Monday’s November Crop Report and WASDE updates.

Cattle futures closed strongly lower and near the day’s lows. Given that futures rose so far during September and October and the funds are long these markets, there’s fewer buyers out there to rally prices, especially with the neighboring hog market being so weak. December LC traded to a new low for this down trend since peaking on October 24 and posted a bearish reversal on the chart. A rising US dollar should weigh on beef exports too. Choice beef ended up 1.10 at 251.24; Select down 0.37 at 238.12/cwt.

Lean Hog futures closed lower, adding to Tuesday’s losses. Hog futures are suffering from rising supplies and weaker prices. Today, pork managed some stability with FOB Plant Pork up .22 to 95.89.

In equities, the DOW and the SP500 closed at record highs.

Corn Dec +6 370; May +6 392; Dec15 +6 414 Bean Jan +9 1019; May +10 1029; Nov +6 1004 Meal Dec +3 375; May +6 338 Oil -35 3272 Wheat Dec -6 525; Jly -5 550 KC -6 584; MGE -9 560 Oats -2 340 Rice -2 1241

LC Dec -145 16520; Apr -102 16525; Jun -130 15562 FC Nov -135 23577; Jan -140 23020; Mar -97 22755 LH Dec -85 8712; Feb -105 8675; Apr -60 8810 Milk Nov +56 2198; Dec +41 1960

US$ +.4%

Dow +101 17485 SP +11 2024 NAS -3 4621 Tran +41 8840 VIX -.72 14.17 -5%

WTI +174 7893 Brent +43 8325 Gas +2 210 NG +8 421 HO unch 245 Eth +5 191 Gold -28 1140 Slvr -66 1529

2-yr +.012 0.530% 5-yr unch 1.634% 10yr +.004 2.346% 30yr +.011 3.06%

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Tagged Post Topics Include: Economics, Market updates