Market Closes - November 11, 2019

Posted on Nov 11, 2019

Corn Dec -4 373 (372-77); Jly -5 395

Bean Jan -14 917 (916-29); Jly -12 953

  Meal -4 301 (300-304)

  Oil -8 3142

Wheat Dec -4 506; Jly -4 520 (518-23)

  KC +1 423; MGE -3 515

Oats +8 312

Rice -2 1201

 

LC Dec +62 11987; Feb +65 12567; Apr +85 12695

FC Nov +57 14757; Jan +125 14712; Apr +117 14800

LH Dec -82 6330; Feb -17 7372; Apr +32 8065

Milk Nov +16 2018; Dec +7 1916

 

CBOT futures closed mostly lower with beans and meal leading the way down. Selling was due in part to last week’s comments by President Trump that he had not agreed to remove tariffs on China as part of a Phase 1 deal. Furthermore, exports remain disappointing and USDA crop estimates continue to confound some market analysts, especially given the unfavorable harvest weather for unusually large acres for mid-November. The spec funds are big shorts in corn and want to see it drop. They lightened their soybean long today. Soybean futures broke below short-term chart support; strong support is about 20 cents below today’s closes.

Cattle futures closed moderately higher, but near the day’s highs. Futures were lifted by last Friday’s stronger cash cattle market. Unseasonably cold weather is also supportive.  Choice beef dropped .53 to 238.59 and Select gained .43 to 213.69.  The speculators at last report were carrying a 60,000 plus long position in Live Cattle.

Lean Hog futures closed mixed with December LH down a sharp 82 cents on weaker cash hog prices. The Dec LH chart is on the verge of breaking below chart support, with another $5.00 downside risk. However, a sharp jump in the pork cutout this afternoon may lift LH futures Tuesday. FOB Plant Pork soared 3.67 to 86.34. Ham value rose 10 pct. Belly value rose over 6 pct.  The morning quote was only up 0.73.

 

US$ -.2% 98.2

Dow +10 27691

SP -6 3087

NAS -11 8464

Tran -38 11030

  VIX +.62 12.69

 

WTI -34 5690

Brent -25 6226

Gas -2 161

NG -15 263

HO unch 192

Eth +3 144

Gold -6 1457

Slvr +1 1683

Treasury market closed for Veterans Day.

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