Market Closes - November 15, 2016

Posted on Nov 15, 2016

CBOT futures closed higher and in the upper range as futures rallied throughout the day. A significant factor was a very strong persistent rally in crude oil futures.  Today’s gains offset part or all of Monday’s losses at the CBOT. Strong demand news for soybeans was supportive as well; NOPA Crush for October was third highest monthly total on record. A strong US Dollar is a negative.  Technically, January Soybeans closed just below the key 200-day moving average at 990.
 

Live Cattle futures closed higher in the April 2017 and beyond contracts. The nearby December LC closed steady as traders wait for cash markets to develop.  Last week’s trade was near $104/cwt and traders are optimistic for higher prices this week (check out https://www.fedcattleexchange.com/ tomorrow).  Next week’s holiday-shortened week may pressure prices then. Boxed beef values were better at midday before softening. Choice down 0.81 at 183.11; Select up 0.91 at 168.63. At midday, Choice was up .50 and Select was up 1.29.


Lean hog futures closed lower as cash hog prices and pork had a weak tone. FOB Plant dropped .52 to 74.14 with picnics down over 6%.  Packers have strong margins, so demand should remain firm this week. LH futures have moved generally sideways the past 2.5 weeks, but prices are in the lower portion of the range.

Corn Dec +4 341 (336-42); May +4 356

Bean Jan +5 989 (979-93); May +5 1005

  Meal unch 310 (307-11)

  Oil +26 3421

Wheat Dec +5 399; Jly +5 447 (440-47)

  KC +5 408; MGE +3 515

Oats +5 233

Rice unch 939

 

LC Dec -10 10547; Apr +72 10695; Jun +75 9882

FC Nov +50 12652; Jan +85 12317; Apr +32 11827

LH Dec -77 4612; Feb -70 5290; Apr -67 6022

Milk Nov +2 1670; Dec +11 1644

 

US$ +.2%

Dow +54 18923  New record high close.

SP +16 2180

NAS +57 5276

Tran +49 8814

VIX -1.11  13.37  -7.7%

 

WTI +243 4575

Brent +251 4694

Gas +6 133

NG -4 270

HO +5 144

Eth +1 153

2-yr +.013 1.001%

5-yr +.017 1.664%

10yr +.008 2.230%

30yr -.017 2.966%

Lexington Auction
Weighted Average Report for 11/14/2016
 Receipts:  841    Last Week:  828    Year Ago:  1223
 ****Lexington Monday sale held at Mt Sterling yard while new Lexington stockyard is under construction***
    Compared to last Monday steer calves sold steady to firm with moderate demand.  Heifer calves under 550 lbs sold steady with light demand over 550 lbs sold 2.00 to 5.00 higher with good demand.  Yearling steers sold steady in a limited comparison.  Quality was average through good.  Slaughter cows sold steady to 1.00 higher with light demand. Slaughter bulls sold 1.00 to 2.00 higher with light demand.

Kentucky Farm Bureau Minute video  - Click Here

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