Market Closes - November 13, 2017

Posted on Nov 13, 2017

CBOT futures closed lower with the soy complex leading the market down. Soybeans ended down 12-13 cents and at the day’s lows. Soybeans were pressured by beneficial rainfall in South America and technical selling as important chart support failed – October lows and the 200-day moving averages. Corn was pressured by the soybean losses. Corn has stabilized near the contract lows set Thursday following the bearish USDA Crop Reports. MGEX spring wheat futures posted the largest losses of over 2 percent. Wheat was weighed down by huge global supplies, competitive export markets and speculators adding to a sizable short position.

U.S. Corn Harvest Progress
83% compared to 92% year ago and 91% Average

U.S. Soybean Harvest Progress
93% compared to 96% year ago and 95% Average

95% of Winter Wheat is planted – equal to the 5-year average.
 

After a roller-coaster day in prices, cattle futures closed little changed but on the negative side. Futures opened lower and then rallied into late morning before selling off again. Boxed beef was weaker with Choice down 1.04 to 212.81 and Select down .68 to 193.83 with the Choice/Select spread at 18.98/cwt. December LC is at a $2-3 discount to last week’s average cash price of $123.05. The average dressed weight was 827 lbs, up 2 lbs from a week earlier, but 16 lbs below year-ago.

Lean Hog futures also closed little changed even as cash hog and pork values weakened. The December LH contract has closed lower for 9 straight days. The December LH could find support at 61.00. Selling was limited by December LH’s $5 discount to the CME Index. FOB Plant Pork ended down .53 at 81.39 with ham value down over 4 percent and loins up two percent. Last week, pork production was 2.2% higher than the previous week.

Corn Dec -1 342 (341-44); Mar -2 355

Bean Jan -13 974 (974-990); Mar -12 985

  Meal -3 311

  Oil -48 3433

Wheat Dec -7 424; Jly -4 468 (465-73)

  KC -6 427; MGE -14 633

Oats +1 273

Rice -6 1136

 

LC Dec unch 12057; Apr -12 12697; Jun -2 11985

FC Nov +22 15870; Jan -20 15697; Apr -47 15477

LH Dec -17 6230; Feb +5 7030; Apr +20 7425

Milk Nov +3 1680; Dec +11 1570

US$ +.1%

Dow +17 23440

SP +3 2585

NAS +7 6758

Tran +17 9519

  VIX +.08 11.37

 

WTI -2 5672

Brent -39 6313

Gas -2 179

NG -7 314

HO unch 193

Eth -1 144

Gold +4 1278

Slvr +17 1704

 

2-yr +.021 1.683%

5-yr +.017 2.072%

10yr +.002 2.402%

30yr -.010 2.870%

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