Market Update - December 22, 2014

Posted on Dec 22, 2014
CBOT futures are steady to mostly higher with soybeans and meal shooting higher when the pits opened at 930 am CT. Corn and wheat tried to follow beans higher but those rallies have faded. There doesn’t appear to be any major news in the market. The next two week’s trading will be affected by Christmas and New Year’s and generally lighter volume. Technically, corn futures are very strong with prices testing this marketing year’s highs. Soybeans and meal charts have downtrends in place – the fundamentals are also challenging with a huge bean crop developing in South America. Wheat futures are near steady, shaking off Friday’s large price drop; the Russian situation remains supportive but US wheat is not competitive in the world market due to the extremely strong US dollar.

Sales and shipment of soybeans to China are running ahead of last year’s pace.

Cattle futures are mostly higher but well off the day’s highs which came around 930 am CT (just when the soy complex rallied). Cattle staged a huge recovery on Thursday and Friday after seeing several days of limit losses in Feeder Cattle futures. Need to see support from the beef markets.

Lean Hogs are moderately lower and near the day’s lows. Demand doesn’t appear sufficient to spark a rally. FOB Plant Pork is up .34 to 87.17. The Hogs and Pigs Report comes out Tuesday afternoon.

Corn Mar +1 412; Jly +1 427; Dec +1 436 Bean Jan +7 1037; Jly +7 1059; Nov +4 1022 Meal Jan +5 369; Jly +4 350 Oil -1 3196 Wheat Mar -1 631; Jly -1 633 KC +1 667; MGE +2 650 Oats -1 309 Rice -15 1215

LC Dec +65 16140; Feb +32 16042; Jun +5 15255 FC Jan +40 22055; Mar +17 21815; Aug +40 22000 LH Feb -87 8102; Apr -35 8285; Jun -97 8945 Milk Jan -10 1630; Feb -15 1560

US$ -.1%

Dow +.4% SP steady NAS +.1% Tran +.7% VIX -3.2% 15.96

WTI -3% Brent -2.1% Gas -1% NG -7.7% HO -.1% Eth -1.5% Gold -1.1% Slvr -2.6%

5-yr +.015 1.667% 10yr +.005 2.181% 30yr +.001 2.775%

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Tagged Post Topics Include: Economics, Market updates