Market Update - November 28, 2012
Posted on Nov 28, 2012Live Cattle futures are near steady with no major change expected in the cash markets today. Feeder Cattle futures are down slightly, continuing the minor sell-off that started Monday as feed costs increased.
Lean Hog futures are strongly higher on Tuesday’s strong cash hog market (+$2/cwt) and Pork Cutout (+1.63/cwt = 83.97). Futures’ premium to the cash market should limit the rally in futures. But the technical momentum keeps carrying this market higher. December LH should find chart resistance at $83.52, the April high.
Outside markets are generally bearish today with lower energy and metal prices. US equities were lower to start the day, but rallied to near even after Congressman Boehner’s comments were interpreted as optimistic for progress on the “fiscal cliff”. Expect the news/opinions on this matter to change many times.
Corn Dec +.5 760.5; Mar +1 765; Dec’13 +1.5 639
Bean Jan -3 1446; Mar -1 1436; Nov -9 1301 Meal Dec +1.4 441; Oct unch 371.5 Oil -9 5003
Wheat Dec +5 878; Jly +7 889 KC +5 921; MGE +5 941
LC Dec -5 12832; Jun -12 13180 FC Jan -42 14650; Apr -35 15097; Aug -40 15630
LH Dec +107 8345; Feb +82 8755; Jun +67 10087
Milk Dec +25 1915; Jan +26 1878
Oats +2 375
Rice unch 1508
US$ steady
Dow +.1%
SP steady
NAS steady
Tran -.1%
VIX +.9% 16.06
WTI -1.2%
Brent -.9%
Gas -1.3%
NG -3.2%
HO -.8%
Eth +.4%
Gold -1.5%
Slvr -1.3%
5-yr -.013 0.634% 10yr -.019 1.620% 30yr -.017 2.770%
Tagged Post Topics Include: Economics, market update
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