Market Closes - November 16, 2017

Posted on Nov 16, 2017

CBOT futures closed mostly lower but MGEX spring wheat gained a nickel. Corn and soybeans closed near the day’s lows as the market lacks any fundamentals to encourage buying.

Cattle futures closed lower as the fed cattle market has traded in the $119-120 area, down $3-5 from last week. The widening Choice/Select price spread indicates that feedlots are likely very current in their marketings. Choice carcasses up 0.11 at 210.24; Select carcasses down 2.78 at 187.83.  The upcoming Thanksgiving holiday doesn’t help with nearby beef demand.

Lean Hog futures also closed lower as cash hog prices weaken and hog supplies are plentiful. FOB Plant Pork lost .08 to 80.55.  December LH’s discount to the cash CME Index may limit nearby losses.

Corn Dec -2 336; Mar -2 349

Bean Jan -4 972; Mar -4 983

  Meal -1 310

  Oil -32 3443

Wheat Dec +1 421; Jly -1 463

  KC -1 417; MGE +5 630

Oats -7 262

Rice +8 1216

 

LC Dec -65 11955; Apr -90 12537; Jun -22 11847

FC Nov -22 15777; Jan -35 15390; Apr -25 15222

LH Dec -102 6010; Feb -87 6657; Apr -75 7087

Milk Nov -4 1680; Dec -27 1546

 

US$ steady

Dow +187 23458

SP +21 2586

NAS +87 6793

Tran +152 9593

  VIX -1.37  11.76 

 

WTI -7 5526

Brent -50 6137

Gas -2 172

NG -1 307

HO unch 191

Eth -2 139

Gold +1 1278

Slvr -11 1708

 

2-yr +.025 1.712%

5-yr +.034 2.072%

10yr +.040 2.375%

30yr +.043 2.824%

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