Market Update - November 1, 2012

Posted on Nov 1, 2012
 CBOT futures are higher lead by the soy complex.  Funds were buyers across the board Wednesday and are probably continuing today as the momentum seems to favor the bulls.  Traders say that heavy rain in Argentina is hurting crops there and will lead to less production.

  U.S. winter wheat crop condition ratings released yesterday are poor going into late fall.  40% good/excellent is 6 points below last year at this time.

  Live cattle futures are slightly higher, fighting the pressure from yesterday’s sharp drop in the cutout value and worries that meat demand will suffer while the Northeast suffers with storm recovery.

  Lean Hog futures are also going against the cash market by showing a dollar/cwt gain.  Supportive is December futures’ discount to cash hog prices.

  Economic reports including Consumer Confidence were positive today so equities are rallying.

 Corn Dec +5 761; Mar +6 763; Dec’13 +6.5 643

Bean Jan +20 1569; Mar +20 1543; Nov’13 +13 1357 Meal Dec +6 488; May +6 446   Oil +55 5071

Wheat Dec +12 877; Jly +8 881   KC +12 916;  MGE +8 950

LC Dec +12 12605; Apr +5 13402

FC Nov -112 14517; Jan -117 14752; Apr -122 15092

LH Dec +102 7930; Feb +82 8530

Milk Nov +6 2112; Dec +6 2022

Oats -2 387

Rice +6 1489

 US$ +.1%

Dow +1%

SP +1%

NAS +1.4%

Tran +1.2%

VIX -8.1% 17.09

WTI +.9%

Brent -.5%

Gas +.6%

NG +.7%

HO -1%

Eth steady

Gold -.1%

Slvr +.1%

5-yr +.003 0.724%

10yr +.026 1.721%

30yr +.045 2.904%

 

Tagged Post Topics Include: Economics, Market updates