Corn
Corn futures closed lower taking out the last swing low on
the daily charts. The dollar began to rally after the jobs
number came out and continued throughout the trading session
with the biggest one day move since August. Cash corn bids
at the Gulf are mostly steady, stabilizing from lower prices
this week. Weather conditions are good for harvest in the
Grain Belt and should remain that way through the middle of
December with the exception of some moisture coming in over
the next five days in some areas that could manifest as snow
with the below normal temperatures. The CFTC report showed a
large increase in net long positions by the Large Spec as of
last Tuesday by over 30,000 contracts. December corn futures
at $3.73 ¾, down 11 ½ cents March corn futures at $3.88
½, down 12 ¼ cents
________________________________________
Soybeans
Soybean prices closed lower on the day and slightly lower
for the week. The major factor for grains was the sharply
higher dollar and gold being $56.00 lower. Prices were
somewhat tempered to the downside by the Private Exporter
announcement of 232,000 MT of soybeans sold to China for
2009/10 delivery. Gulf bids were steady. Terminal bids were
mostly steady to slightly lower in a few locations. The CFTC
report out this afternoon showed a slight increase in net
long positions by the funds. January soybean futures are at
$10.43, down 4 cents December soymeal futures are at
$320.90, down 0.60 points December soy oil futures are at
39.76 cents, down 0.01 points
________________________________________
Wheat
Wheat futures ended lower for the fourth day. Once again the
main source of pressure is from the sharply higher US
Dollar, up over a thousand points, which discourages an
already dismal export business. Foreign wheat production
increased this past year in many countries including India.
India's poor monsoon, however limited production of other
grains and as a precaution India banned exports of wheat.
Although US wheat production declined from last year, the
carryover from 2008/09 actually increased the total supply
from 2008/09. The CFTC report out this afternoon showed a
decline in net short positions by both the Large and Small
Specs and a slight increase in net long positions by the
Index Funds. December CBOT wheat futures are at $5.36 ¾,
down 13 cents December KCBT wheat futures are at $5.36, down
12 ½ cents December MGEX wheat futures are at $5.48, down
13 ¾ cents
________________________________________
Cattle
Cattle futures closed slightly higher on the day but sharply
lower for the week. Boxed beef prices were lower again this
afternoon, with Choice beef at $137.17, down 0.28 and Select
beef at $130.92, down 1.17. Feeder cattle prices were also
slightly higher on the day. The January cattle crush closed
at 110 on lower corn prices. Good numbers were traded in the
Five Area Direct Slaughter Cattle on Thursday at $81.63 for
Steers and $81.90 for Heifers on average for all grades in
the live. Steers sold for $129.28 along with Heifers on
average for all grades in the dressed. Daily sales reported
to DTN were $83.00 in the Texas Panhandle/OK , up $2 from
yesterday. No other sales were reported. The CFTC report out
this afternoon, showed an increase in net long positions by
the Funds as of Tuesday. December live cattle futures are at
$81.00, up 20 cents February live cattle futures are at
$83.20, up 30 cents January feeder cattle futures are at
$93.35, up 25 cents
________________________________________
Hogs
Lean hog futures finished the day and the week higher,
closing above the weekly downtrend line for the second week
in a row. Weekly and daily futures charts indicators are in
the overbought area. Cash pork trading is slow with mostly
moderate demand and light to moderate offerings. Fresh
retail cuts were mixed with Carcass values at $65.10, up
1.68, Loins at 69.11, up 0.89, Butts at $62.05, down 1.37,
Picnics were $47.84, down 0.09, Ribs were $97.25, up 0.69,
Hams were $72.18, up 4.85 and Bellies were $71.44, up 2.34.
Iowa/Minnesota direct hogs traded between $50.00 and $61.00,
with a weighted average of $58.87. The CFTC report out this
afternoon showed a substantial increase in net long
positions by the Large Speculator while the Index Funds
decreased their net long as of Tuesday. December lean hog
futures are at $61.15, up 190 cents February lean hog
futures are at $66.75, up 145 cents
________________________________________
Cotton
Cotton prices closed lower on the day but slightly higher
for the week maintaining chart resistance at the .618
retracement level on the weekly chart. The sharply higher
dollar did not have a major impact on cotton prices. The
CFTC report out this afternoon showed an increase in net
long positions by the Index Funds and a significant decrease
in net longs by the Large and Small Specs. Open interest
continues to increase and volume picked up some yesterday.
December cotton futures are at 70.21 cents, down 34 points
March cotton futures are at 73.82 cents, down 42 points
No comments:
Post a Comment