Market Closes - November 6, 2012

Posted on Nov 6, 2012
  Most commodity futures closed higher as the outside markets were very supportive – weaker dollar, stronger energy, equities and precious metals.

  Corn and wheat futures closed near their daily highs, suggesting more strength tomorrow. Corn has critical support at 7.32; it has to surpass 7.63 to turn the trend up. Friday’s USDA Crop Report is expected to show a reduction in corn production.

  Although soybeans closed higher on a rebound from Monday’s sharp losses, soybeans sold off in the last hour to end well below the morning highs. January 2013 Soybeans now have short-term support at 15.02, then $14.85.

  Live Cattle futures closed slightly higher as boxed beef values strengthened and the outside markets rallied.  Feeders were hurt by the higher corn market.

Choice UP 0.63 at 193.65; Select UP 1.16 at 176.45.

  Lean Hog futures closed higher despite the weak pork market. Pork Cutout down 1.19 to 85.30. The December contract recovered Monday’s loss. Have to see pork demand improve to hold these prices.

  As money moved to equities, energy and metals, U.S. Treasuries sold off and resulted in higher interest rates.  Election results may direct the markets tomorrow.

Corn Dec +5.5 741; Mar +5 743; Dec’13 +6 637

Bean Jan +12 1515; Mar +8 1491; Nov’13 +10 1344   Meal Dec +4 473; May +2 440    Oil +36 4868

Wheat Dec +11 877; Jly +5 879.5   KC +10 919; MGE +8 948

LC Dec +40 12567; Feb +37 12937; Jun +20 12960

FC Nov -5 14485; Jan -5 14672; Apr -2 115055

LH Dec +65 7757; Feb +47 8342; Jun +2 9815

Milk Nov +8 2127; Dec +5 2047

Oats +2 360

Rice +16 1532 

US$ -.2%

Dow +133 13246

SP +11 1428

NAS +12 3012

Tran +80 5204

VIX -.84 17.58

WTI +271 8836

Brent +320 11093

Gas +7 269

NG +5.6 361

HO +7 305

Eth +1 234.5

Gold +33 1717

Slvr +88 3200

2-yr +.028 0.305% 5-yr +.057 0.755% 10yr +.072 1.751% 30yr +.053 2.922%

 

Tagged Post Topics Include: Economics, Market updates