Market Closes - November 13, 2018

Posted on Nov 13, 2018

Corn Dec -5 366 (365-71); Mar -4 378; Dec19 -4 400

Bean Jan -5 878 (877-91); Mar -5 892; Nov -4 930

  Meal -2 304

  Oil -16 2755

Wheat Dec -12 508; Jly -6 535 (533-41)

  KC -7 486; MGE -4 578

Oats unch 284

Rice +23 1087

 

LC Dec +45 11537; Feb +75 11875; Jun +82 11347

FC Nov +60 14897; Jan +325 14697; Apr +192 14447

LH Dec +75 5730; Feb +65 6217; Jun -10 8262

Milk Nov +3 1454; Dec +17 1483

With a backdrop of negative crop fundamentals, today’s sharp drop in crude oil futures seemed to embolden the sellers at the CBOT. Early talk that the US and China officials were discussing trade negotiations didn’t hold the market up. Weekly export inspections were at the high end of expectations. YTD soybean shipments are about 42% behind the year-ago pace. Yesterday’s sharp wheat rally was a one-day wonder based on short-covering; disappointing wheat export inspections weighed on futures.  

U.S. Corn is 84% harvested, compared to 87% for 5-yr average.  U.S. Soybean is 88% harvested, compared to 93% for 5-yr average.

Cattle futures closed higher and near the day’s highs on apparent short-covering. Today’s price action looks positive on the charts. Although boxed beef values were steady to higher at midday, the afternoon report showed Choice down 1.47 to 214.08 and Select down 1.41 to 198.98.

Lean Hog futures closed mixed with Dec/Feb/Apr higher and J/J/Aug lower. Nearby December LH was supported by a strong midday pork market and December’s discount to the cash market, albeit one that is sliding lower. Weekly hog slaughter is running at a record pace.  FOB Plant Pork slipped .14 to 70.69, lower than the midday quote of 71.68.

US$ -.5%  97.2  

Dow -101 25286

SP -4 2722

NAS unch 7201

Tran +67 10433

  VIX -.43 20.02
 

WTI -468 5540  

  Down $22/barrel since early October.

Brent -494 6518

Gas -10 154 
  Down 60 cents/gal since early October. GasBuddy.com shows average U.S. retail price is $2.67, down 24 cents since early October.


NG +28 407 - Up 25% since November 2.  
   $4.00 was last surpassed in late 2014 with a peak of 4.53. Nat Gas bottomed in March 2016 at $1.61. NG supplies are at a 15-year seasonal low and U.S. temps are much below normal.

HO -9 206

Eth -2 123

Gold -1 1203

Slvr -4 1397

 

2-yr -.037 2.895%

5-yr -.058 2.986%

10yr -.048 3.141%

30yr -.031 3.361%

Kentucky Weekly Livestock Summary for the week of Nov 5-10, 2018
  Receipts: 23,202   Last Week 21,967  Last Year 26,295           
      Compared to last week, steer calves sold mostly steady to 5.00 higher and heifer calves mostly steady to 4.00 higher. Demand was mostly light to moderate for an average to good quality offering.  Yearling steers sold 2.00 to 5.00 higher and Yearling heifers 2.00 to 3.00 higher with a light test and good demand.  Slaughter cows and bulls were mostly steady to 3.00 lower with light to moderate demand in light of heavy supplies of slaughter cows being marketed throughout the region.

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