Market Update - November 19, 2013
Posted on Nov 19, 2013Soybean futures are lower with the January contract dropping below Friday’s low and the new-crop November 2014 only cents above chart support of $11.40. Today pressure is coming from mainly soybean meal futures but also soybean oil. There may be some fund selling on concerns of the huge South American crop potential and a possible slowdown in Chinese shipments (China rejected a corn shipment due to GMO content), the latter being less likely.
Unfortunately, cattle futures are taking another step down in price following Monday’s losses. Again, it appears the funds long the LC futures are nervous about declining boxed beef values while at the same time hog prices are slipping. Note that LC and FC have room to fall on the charts before support kicks in.
In the Lean Hog pit, traders are patiently waiting for more direction from the cash hog and pork markets. Corn Dec +1 413; Jly +1 437; Dec14 unch 451 Bean Jan -15 1272; Jly -10 1245; Nov -4 1147 Meal Dec -9 407; Jly -3 387 Oil -26 3985 Wheat Dec +3 645; JLy +1 654 KC +2 696; MGE unch 695 Oats +5 349 Rice -2 1582
LC Dec -80 13110; Feb -100 13220; Jun -70 12692 FC Nov -45 16440; Jan -165 16265; Apr -162 16337 LH Dec unch 8560; Feb +7 8997; Jun +2 9832 Milk Nov -1 1881; Dec +1 1790
US$ steady Dow -.1% SP -.1% NAS -.1% Tran -.7% VIX +2.8% 13.47
WTI -.1% Brent -.6% Gas +.1% NG -.5% HO +.1% Eth -.4%
Gold +.2% Slvr steady
5-yr +.03 1.35% 10yr +.03 2.70% 30yr +.02 3.78%
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Tagged Post Topics Include: Economics, Market updates
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