November commodity markets lower
Dec. 13, 2011
by Meat&Poultry Staff
NEW YORK – In November, commodities were a little lower as macroeconomic sentiment continued to favor broad-based risk reduction and a stronger US dollar for the majority of the month, according to Credit Suisse. Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies.
The end of November featured an improvement in the macroeconomic landscape amid shifts in central bank policy and some improved economic readings, said Nelson Louie, Global Head of Commodities in Credit Suisse's Asset Management division. “While macroeconomic concerns are likely to continue to operate as headwinds, fundamentals remain strong for many key commodities,” he added.
In November, the Dow Jones-UBS Commodity Index Total Return was down by 2.22 percent. Thirteen out of 19 index constituents decreased in value. Down 6.18 percent for the month, agriculture was the worst performing sector since concerns over a slowdown in global growth sliced into demand expectations.
However, livestock gained 2.50 percent for November. The US Department of Agriculture’s monthly Cold Storage report featured lower frozen inventories amid continued strong demand for retail pork and beef.