Market Closes - November 17, 2016

Posted on Nov 17, 2016

CBOT futures closed higher with support coming from better-than-expected weekly export sales reported for corn, wheat and soybeans this morning by USDA. Limiting gains were large supplies in storage, the US Dollar Index reaching a 13-14-year high, a failure of crude oil to sustain the early-morning rally, and soybean oil futures hitting a new low for the current down-trending move. Technically, January Soybean has closed below the 200-day moving average for 5 straight trading days even while trading above it the past 3 days. (See CHART here)  However, March and May Soybeans have not traded below their 200-day averages.

Cattle futures closed narrowly mixed despite a strong cash market Wednesday reported at $108-110. Yesterday, 12,742 head sold for an average price of 106.79/cwt on the Fed Cattle Exchange (www.fedcattleexchange.com).  At midday, Choice beef was down .09 to 182.51 and Select was down .34 to 167.36.

Lean hog futures closed lower on weakness in cash hog price and the pork cutout value. Today’s weekly export pork sales report was disappointing. At midday, FOB Plant Pork was quoted down 1.55 to 72.58 with hams down around 7% and bellies down 4.5%; loins gained 2% and picnics nearly 5%.

As of 330 pm EST

Corn Dec +3 342 (338-43); May +3 356

Bean Jan +4 989 (981-94); May +5 1007

  Meal +3 311

  Oil -40 3370

Wheat Dec +6 403; Jly +5 448 (442-50)

  KC +5 409; MGE +8 527

Oats Dec +1 235; Jly +10 242

Rice -18 951

 

LC Dec +2 10822; Apr +35 10897; Jun +37 10070

FC Jan -40 12492; Apr unch 12045; Aug +5 12030

LH Dec -57 4745; Feb -30 5422; Apr -45 6130

Milk Nov +5 1674; Dec +27 1675


US$ +.3%

At 330 pm EST

Dow +19 18887

SP +9 2186

NAS +35 5329

  VIX -.36 13.36

 

WTI +26 4584

Brent +28 4691

Gas +3 135

NG -4 272

HO +2 146

Eth +2 154

Gold +2 1226

Slvr +1 1693

 

2-yr +.029 1.034%

5-yr +.051 1.723%

10yr +.069 2.292%

30yr +.083 3.008%

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