Market Closes - November 11, 2020

Posted on Nov 11, 2020

Corn Dec -6 417 (416-28); Mar -4 427; Dec21 unch 405

Bean Jan +6 1152 (1145-62); Mar +7 1151; Nov +7 1032

  Meal -2 393 (391-401)

  Oil +107 3713

Wheat Dec -10 598; Jly -9 605 (601-17)

  KC -7 554; MGE -6 555

Oats -3 304

Rice unch 1244

 

LC Dec +52 11240; Feb +17 11527; Apr +52 11880

FC Nov -25 14060; Jan -20 14020; Mar -35 13920

LH Dec -32 6480; Feb -17 6640; Apr -32 7010

Milk Nov -33 2348; Dec -82 1899; Jan -58 1786

CBOT futures closed mixed and well off the day’s highs which came in the overnight session on follow-through buying to Tuesday’s sharp gains. Soybeans and soybean oil finished in the green, making new contract highs. Palm oil futures are hitting contract highs as well. Corn traded new contract highs overnight but closed poorly near the day’s lows. Given corn’s weakness, wheat futures trended lower all day and erased most of Tuesday’s gains. A lack of daily export sales limited gains for soybean futures. The spec funds have been on the long side of the market and have grown their positions considerably. At some point down the road, they will be selling those contracts. But we’re a few months from a South American soybean harvest.

Cattle futures closed narrowly mixed but in the upper range. Live cattle made small gains while feeder futures were mostly lower. LC were supported by ideas that cash fed prices will trade above last week’s $107/cwt as boxed beef values have been rising (up $12.00 since last Wednesday). Choice beef ended up .59 at 222.84 and Select slipped .09 to 208.46. The December LC contract’s premium to cash may limit nearby gains.

Lean hog futures closed lower ahead of tomorrow morning’s weekly pork export sales report. Some are concerned China is slowing its purchases. FOB Plant Pork gained 0.16 to 83.14. Gains in the values of ham and ribs offset losses in the loin, belly, picnic and butt.

US$ +.3% 93.00

Dow -23 29398

SP +27 3573

NAS +233 11786

Tran -90 12007

VIX -1.35 23.45

 

WTI +27 4163

Brent +33 4394

Gas -1 118

NG +8 303

HO unch 125

Eth -3 142

Gold -13 1863

Slvr -12 2434

U.S. Treasury market closed for Veterans Day.
 

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