Market Closes - November 12, 2020

Posted on Nov 12, 2020

Corn Dec -9 408 (406-18); Mar -9 418; Dec21 -3 402

Bean Jan -7 1145 (1140-54); Mar -7 1145; Nov -1 1031

Meal -5 388 (385-94)

  Oil -8 3705

Wheat Dec -10 588; Jly -7 598 (596-604)

  KC -10 544; MGE -6 549

Oats -4 300

Rice -16 1227

 

LC Dec -42 11197; Feb -47 11480; Apr -45 11835

FC Nov -52 14007; Jan +52 14072; Mar +50 13970

LH Dec +100 6580; Feb +32 6672; Apr +25 7035

Milk Nov -13 2337; Dec -49 1843; Jan -26 1759

 

CBOT futures closed lower across the board on a lack of additional bullish news. Profit-taking hit corn and soybean futures after this week’s report-driven surge in prices and in the size of the funds’ long positions. Corn and wheat finished near the day’s lows. Growing concerns for rising COVID cases weighed on the U.S. stock market and may have tempered bullishness in commodities. Traders will continue to watch China’s purchasing pattern and South America’s weather (La Nina is strengthening).

Live cattle futures closed lower while feeder futures were mostly higher. LC traded inside yesterday’s trading range. Despite strong beef and cash fed prices today, LC futures ended lower, possibly due to the increased COVID concerns and declining stock index values. Choice gained 3.66 to 226.50 and Select slipped .22 to 208.24. Movement was light. Negotiated cash trading has taken off with live prices at $110/cwt and dressed purchases at $172/cwt, up $5.00 from last week.

Lean hog futures closed higher led by the nearby December LH contract. LH was supported by a strong pork market early in the day. FOB Plant Pork closed down .06 at 83.08, well below the morning quote of 86.57. The difference resulted from sharp drops in the value of ham (from 93.00 to 84.27) and the belly (from 108.62 to 103.69). The weekly export sales report was delayed until tomorrow morning.

US$ steady 92.97

Dow -317 29080

SP -36 3537

NAS -77 11710

Tran -168 11839

  VIX +1.90 25.35

 

WTI -51 4094

Brent -45 4335

Gas -3 115

NG -8 295

HO -2 123

Eth +6 148

Gold +14 1876

Slvr +9 2435

2-yr -.008 0.177%

5-yr -.064 0.396%

10yr -.106 0.883%

30yr -.118 1.642%

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