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Market Updates

Market Closes - November 20, 2018
November 20, 2018
Market Closes - November 20, 2018

CBOT futures closed narrowly mixed despite the outside markets moving strongly against Ag futures. Equities and energy dropped sharply and the US Dollar Index gained .7%.  Cattle futures closed moderately lower after a higher opening quickly failed.  Lean Hog futures closed from sharply lower in nearby contracts to a little higher in the deferred contracts.

Market Closes - November 19, 2018
November 19, 2018
Market Closes - November 19, 2018

CBOT futures closed lower with soybean futures leading the way down. Markets were pressured by a negative outlook for US/China trade relations following rhetoric between VP Pence and a Chinese leader at a weekend summit. Cattle futures closed higher, supported by firmer boxed beef and the strong 2-day rally in Lean Hog futures. Lean Hog futures closed higher on follow-through buying after the $3.00 limit-UP move on Friday.

Market Closes - November 14, 2018
November 14, 2018
Market Closes - November 14, 2018

CBOT futures closed mixed with corn steady, wheat weaker and the soy complex higher.  Traders are reluctant to sell soybeans with a chance that the US and China will make some progress on trade heading into the G20 meeting at month’s end.  Cattle futures were weighed down by a weaker boxed beef market and a lack of cash cattle trade.

Market Closes - November 13, 2018
November 13, 2018
Market Closes - November 13, 2018

With a backdrop of negative crop fundamentals, today’s sharp drop in crude oil futures seemed to embolden the sellers at the CBOT. Early talk that the US and China officials were discussing trade negotiations didn’t hold the market up. Cattle futures closed higher and near the day’s highs on apparent short-covering.

Market Closes - November 12, 2018
November 12, 2018
Market Closes - November 12, 2018

Despite bearish outside markets (stronger US Dollar, weaker energy futures), corn and soybean futures closed just 1-3 cents up/down from Friday’s closes. Cattle futures closed lower except for the Dec and Feb LC contracts, despite the stronger US Dollar and the sharp drop in US stock prices. Lean Hog futures posted moderate to strong gains today on news that African Swine Fever was found in part of China’s hog feed supply.  

Market Closes - November 8, 2018
November 8, 2018
Market Closes - November 8, 2018

Despite the USDA WASDE report being generally bearish, CBOT futures managed to close near steady. USDA cut the US average yield for corn by 1.8 bu/acre to 178.9 bu/acre, and soybeans by 1.0 bu/acre to 52.1 bu/acre. The cut in US production was bigger than traders expected. Cattle futures closed slightly higher despite a weak boxed beef market. Crude Oil is in a bear market as U.S. production hit a new record high of 11.6 million barrels/day last week.

Market Closes - November 7, 2018
November 7, 2018
Market Closes - November 7, 2018

CBOT futures closed mostly lower as traders positioned themselves for tomorrow’s latest crop production estimates and US/World supply-demand estimates. Traders on average expect USDA to lower corn and soybean yield just a touch.  Live cattle futures were slightly lower beyond the nearby December LC contract which gained 67 cents.

Market Closes - November 6, 2018
November 6, 2018
Market Closes - November 6, 2018

CBOT futures closed mixed with 0-2 cent losses in corn and soybeans and 3-7 cent gains in wheat contracts. Traders are generally waiting on the election results and the updated supply-demand estimates coming Thursday.  Cattle futures closed narrowly mixed, following Monday’s sharp losses. Support came from short-covering and strength in boxed beef.

Market Closes - November 5, 2018
November 5, 2018
Market Closes - November 5, 2018

CBOT futures closed mixed with minimal price changes. Soybean futures are consolidating the big gains posted Thursday from signs that China may be more open to trade talks. Traders are generally waiting to see how tomorrow’s election turns out and to see the USDA supply-demand updates midday Thursday.

Market Closes - September 17, 2018
September 17, 2018
Market Closes - September 17, 2018

CBOT futures closed lower under pressure from harvest, rains in South America, and ongoing trade tensions with China.  Cattle futures closed narrowly mixed to follow up on Friday’s huge gains. Last week’s cash cattle trade up $3.00 versus the previous week.