Market Update - December 2, 2013
Posted on Dec 2, 2013Corn and wheat futures seem to be following the direction of soybean futures. Corn futures have traded below previous lows that offered chart support. MGEX December Wheat moved to a new contract low. Technically, today’s price action at this moment is quite negative for all three CBOT commodities.
Cattle futures are down a bit as traders wait to get a handle on what boxed beef values will do.
Lean Hog futures are up somewhat with the December LH contract in a sideways channel between 85.00 and 86.50.
Energy futures are rising thanks to positive manufacturing data from China and the U.S. Also the extreme cold moving across the US this week should use more energy. The positive economic data is also lifting Treasury yields. Corn Dec -4 411; Mar -6 419; Dec14 -5 449 Bean Jan -16 1320; Jly -8 1280; Nov +1 1148 Meal Jan -9 428; Jly -6 398 Oil +29 4075 Wheat Mar -7 662; Jly -6 664 KC -3 706; MGE -3 704 Oats -5 326 Rice unch 1596
LC Dec -60 13287; Apr -35 13462 FC Jan -17 16530; Apr -5 16635 LH Dec +32 8600; Apr +10 9400 Milk Dec +9 1856; Jan +16 1788
US$ +.2%
Dow unch SP +.1% NAS unch Tran +.7% VIX +1% 13.85
WTI +1.2% Brent +2.1% Gas +1.8% NG -.3% HO +1.5% Eth -.1%
Gold -1.9% Slvr -2.8%
5-yr +.07 1.44% 10yr +.06 2.81% 30yr +.05 3.86%
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Tagged Post Topics Include: Economics, Market updates
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