Market Closes - November 12, 2018

Posted on Nov 12, 2018

Corn Dec +1 371 (368-72); Mar +1 382; Dec19 +1 403

Bean Jan -3 883 (879-87); Mar -2 897; Nov -2 934

  Meal unch 306

  Oil +9 2771

Wheat Dec +18 520; Jly +15 541 (526-41)

  KC +6 493; MGE +9 582

Oats unch 285

Rice +5 1064

 

LC Dec +35 11492; Feb +20 11800; Jun -5 11265

FC Nov -62 14837; Jan -7 14372; Apr -72 14255

LH Dec +75 5655; Feb +202 6152; Jun +147 8272

Milk Nov +4 1450; Dec +21 1468

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. In contrast, wheat futures, especially in Chicago, rallied strongly on aggressive short-covering by the funds who are net short wheat.  One reason they bought was the potential damage to the Argentinian wheat crop by heavy rain.

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. Cattle were able to stabilize on short-covering following last Friday’s sharp drop. Choice beef edged .35 higher to 215.55 and Select rose 1.67 to 200.39.

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 and a very strong pork product market at midday (FOB Plant up 2.00). However, FOB Plant Pork ended the day only up .56 at 70.83. December LH didn’t rally as much as other contracts because it didn’t drop last week like the 2019 contracts.

US$ +.8%  Highest level since June 2017

Dow -602 25387

SP -55 2726

NAS -206 7201

Tran -151 10367

  VIX +3.09  20.45

 

WTI -137 5899

Brent -108 6910

Gas -1 161

NG +22 393

HO -4 214

Eth unch 126

Gold -8 1201

Slvr -17 1397
 

2-yr -.041 2.928%

5-yr -.050 3.040%

10yr -.046 3.186%

30yr -.037 3.388%

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