Market Update - December 11, 2013

Posted on Dec 11, 2013
CBOT futures are trading mixed with corn and soybeans mostly higher near the day’s highs and wheat futures lower and near their daily lows.  It appears that corn and bean prices are correcting Tuesday’s losses in light of positive fundamentals in export sales and the WASDE report. Although a negative factor is a sharp 4-5 pct drop in ethanol futures today.  Wheat futures are down slightly as it appears US wheat is not competitive with European supplies.

CBOT futures are trading within Tuesday’s wide price ranges.

Cattle futures are trading narrowly mixed as traders look for more direction from the cash beef markets.

Lean Hog futures are down sharply as cash hog and pork values weaken. The midday FOB Plant Pork Cutout is down 3.84 to $87.81/cwt with significant losses in values of loins, hams and bellies.  February LH traded to new lows not seen since early September.

US equity markets are lower following a budget deal to be voted on later this week and amid growing consensus that the Federal Reserve will begin to taper its monetary stimulus program this month.

Corn Mar +2 429; Jly +2 454; Dec +1 466 Bean Jan +2 1341; Jly +1 1293; Nov -1 1166 Meal Jan +1 439; Jly -1 406 Oil +19 4030 Wheat Mar -2 637; Jly unch 642 KC -3 681;  MGE unch 668 Oats +8 344 Rice -8 1548

LC Dec +10 13177; Feb +5 13270; Jun -17 12862 FC Jan +5 16560; Apr -2 16635; Aug +5 16782 LH Dec -25 8057; Feb -120 8752; Jun -105 9912 Milk Dec -3 1906; Jan -6 1855

US$ -.1%

Dow -.5% SP -.8% NAS -1% Tran -1.2% VIX +7.7% 14.97

WTI -.7% Brent -.2% Gas -.9% NG +1% HO -.1% Eth -4.8%

Gold -.2% Slvr +.2%

5-yr -.01 1.46% 10yr -.01 2.81% 30yr unch 3.84%  

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Tagged Post Topics Include: Economics, Market updates