Market Closes - November 16, 2020

Posted on Nov 16, 2020

Corn 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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