Market Update - December 1, 2014

Posted on Dec 1, 2014
CBOT futures are trading mixed with weaker corn and soybeans alongside a very strong wheat market. Wheat futures are adding on to last Friday’s strong gains on less wheat competition from Russia and unfavorable cold weather in the U.S. Chicago wheat contracts are up a dollar or more per bushel since the lows were posted in late September. Soybean futures lost the early gains after the weekly export inspections report proved disappointing. Soybean meal is near the day’s low but soybean oil futures have recovered sharply from overnight lows as crude oil also turned positive after falling sharply last night.

Live Cattle futures are weaker on follow-through selling to last week’s downtrend. Stronger midday beef values may limit the losses. Choice beef is up 1.15 to 258.55 and Select is up .68 to 246.53/cwt.

Lean Hog futures are mostly higher and near the day’s highs. Hogs recovered from early losses as the pork market was established at higher values. FOB Plant Pork is up 1.39 to 94.53 – the highest midday quote since November 17.

Corn Dec -2 373; Mar -2 387; May -2 395 Bean Jan -2 1014; May -2 1027; Nov -5 992 Meal Jan -5 361; May -2 341 Oil +15 3233 Wheat Dec +14 591; Mar +11 590; Jly +11 600 KC March +11 651; MGE +8 625 Oats -2 292 Rice -19 1214

LC Dec -70 16817; Feb -47 16875; Jun -52 16077 FC Jan +165 23272; Mar +127 23147; Aug +90 23232 LH Dec -25 9007; Feb +42 8865; Jun +17 9722 Milk Dec -16 1784; Jan -30 1650

US$ -.4%

Dow -.2% SP -.7% NAS -1.3% Tran -2.7% VIX +9% 14.54

WTI +3.3% 68.35 (low 63.72) Brent +2.8% Gas +2.8% 188 (low 178) NG -2.7% HO +1.8% Eth -6% Gold +2.2% Slvr +5.6%

5-yr -.022 1.489% 10yr -.008 2.189% 30yr +.008 2.918%

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Tagged Post Topics Include: Economics, Market updates