Market Closes - November 6, 2014

Posted on Nov 6, 2014
A very strong nearby soybean meal market provided the fuel for today’s strong price movement which didn’t last into the closing bell. Disappointing export sales reported this morning weighed on corn futures and wheat more so. USDA reported that most southbound river barges are loaded with soybeans, not corn.

Livestock futures closed higher despite weakness in the beef and pork markets. Traders are anxious to see where the fed cattle market will trade. Choice carcasses down 0.72 at 250.52; Select down 0.87 at 237.25/cwt. FOB Plant Pork down .59 to 95.30/cwt; all primal cuts were down except for ham.

DOW and SP500 closed at RECORD HIGHS again, supported by positive U.S. economic reports and indications the ECB in Europe will adopt more monetary easing. Japan recently increased its easy money policy. The U.S. Federal Reserve has finished its tapering program that ended additional bond purchases; the Fed’s balance sheet is still massive. America’s relative economic strength is pushing the U.S. dollar higher which hurts U.S. exports. Also, Brazil’s currency has devalued 10 percent versus the US dollar in the past 2 months.

Corn Dec +1 371; May +1 393; Dec15 +2 416 Bean Jan +9 1028; May +7 1036; Nov +3 1007 Meal Dec +16 392; May +5 343 Oil -19 3253 Wheat Dec -4 520; Jly -4 546 KC -5 579; MGE -6 554 Oats -5 336 Rice -31 1184

LC Dec +15 16535; Apr +60 16585; Jun +80 15642 FC Nov +75 23652; Jan +37 23057; Apr +72 22855 LH Dec +52 8765; Apr +80 8890; Jun +55 9390 Milk Nov +5 2187; Dec -28 1922

US$ +.7%

Dow +70 17554 SP +8 2031 NAS +18 4638 Tran +113 8953 VIX -.50 13.67

WTI -77 7791 Brent -14 8281 Gas +4 213 NG +21 441 HO +2 245 Eth +5 190 Gold -4 1141 Slvr -3 1540

2-yr +.020 0.546% 5-yr +.040 1.674% 10yr +.036 2.386% 30yr +.036 3.100%

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Tagged Post Topics Include: Economics, Market updates