Market Closes - November 16, 2020
Posted on Nov 16, 2020Corn Dec +6 416 (409-17); Mar +5 424; Dec21 +3 407
Bean Jan +5 1153 (1144-55); Mar +6 1154; Nov +5 1045
Meal +1 389 (386-91)
Oil +30 3743
Wheat Dec +4 598; Jly +4 606 (596-608)
KC +6 558; MGE unch 554
Oats +1 296
Rice -9 1228
LC Dec +50 11042; Feb -20 11202; Apr +15 11635
FC Nov -20 13727; Jan +5 13792; Mar +52 13767
LH Dec +25 6515; Feb -80 6377; Apr -57 6745
Milk Nov -12 2301; Dec -102 1669; Jan -23 1673
CBOT futures closed mostly higher and generally upper range. Corn led the market higher on higher Chinese domestic prices and talk of China looking to buy more corn for 2021. Positive news about a second COVID vaccine boosted the stock marCopyCtrl+Cket and commodities on ideas that the world economy will recover strongly in 2021. Soybean futures’ gains were limited by improving soil moisture conditions in areas of South America. Also supportive was the NOPA Soybean Crush for October at a record (for any calendar month) 185.2 million bushels, compared to expectations around 177 million.
U.S Crop Progress
Corn harvest is 95% complete vs 91% last week and 87% for 5-yr avg
Soybean harvest is 96% complete vs 92% last week and 93% for 5-yr avg
Winter Wheat planted is 96% complete vs 94% for 5-yr avg
U.S Crop Conditions
Crop Good/Exc Poor/V.Poor
( )change from last week
Winter Wheat 46%(+1) 18% (+1)
. Last Year 52% 14%
LC Dec +50 11042; Feb -20 11202; Apr +15 11635
FC Nov -20 13727; Jan +5 13792; Mar +52 13767
LH Dec +25 6515; Feb -80 6377; Apr -57 6745
Cattle futures closed mostly higher by small amounts as traders wait for cash markets to get going. Choice beef ended up .97 at 226.95 and Select jumped 2.89 to 212.35. No cash market is established. Last week’s prices were $108-110/cwt live and $172/cwt dressed.
Lean hog futures closed lower beyond the nearby December contract. December LH was supported by a strong pork market. FOB Plant Pork gained 1.01 to 81.15 with gains in all primals but the loin. Traders are cautious with rising COVID cases across the U.S. and news that China’s sow herd is up 32% year/year. Strong pork export sales to China is needed to maintain hog prices.
US$ -.2% 92.56
Dow +471 29950 Record high close
SP +42 3627 Record high close
NAS +95 11924
Tran +309 12394
VIX -.65 22.45
WTI +135 4175
Brent +122 4400
Gas +3 115
NG -31 268
HO +3 123
Eth -4 144
Gold +2 1888
Slvr +12 2489
2-yr +.002 0.181%
5-yr +.005 0.408%
10yr +.015 0.908%
30yr +.014 1.662%
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