Market Update - November 12, 2014

Posted on Nov 12, 2014
The CBOT saw quite a turn of events this morning as the soy complex went from strongly higher in electronic trading but fell sharply during the first 30 minutes of pit trading that opened at 930 am. CME Group raised the margin requirements last night on Soybean Meal futures so some positions may have been reduced on profit-taking. Prices have bounced off the lows – more so in corn and wheat futures. Expect more volatility at the CBOT at technicians are following bullish signs and fundamentalists just see huge supplies that should suppress futures. Watch out if the charts roll over to a bearish slant. Wheat is up strongly on concerns the frigid weather will damage wheat since it wasn’t eased into winter.

Cattle futures are moderately higher and near the day’s highs. I suspect that midday beef values may be firming but the USDA report isn’t available yet. Hog futures are also higher on Tuesday’s rising pork cutout values.

Corn Dec +5 379; May +4 400; Dec +4 423 Bean Jan -11 1053 (1044-86); May -8 1062; Nov -4 1033 Meal Dec -6 395; May -2 355 Oil -26 3261 Wheat Dec +16 541; Jly +13 557 KC +19 597; MGE +15 582 Oats +1 337 Rice +13 1198

LC Dec +37 16762; Feb +77 16917; Jun +77 15837 FC Nov +7 23892; Jan +35 23300; Mar +47 23102 LH Dec +15 9005; Feb +50 8995; Apr +50 9150 Milk Nov -5 2159; Dec -13 1853

US$ +.1%

Dow -.2% SP -.2% NAS steady Tran -.1% VIX +2.5% 13.24

WTI steady Brent -.6% Gas +.2% NG -1.8% HO -.2% Eth +1.2% Gold +.1% Slvr -.3%

5-yr -.013 1.628% 10yr -.013 2.346% 30yr -.018 3.070%

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Tagged Post Topics Include: Economics, Market updates