Market Closes - November 17, 2020

Posted on Nov 17, 2020

Corn Dec +4 420 (417-22); Mar +2 427; Dec21 unch 407

Bean Jan +16 1170 (1156-78); Mar +14 1168; Nov +2 1047

  Meal Dec +6 396 (391-99)

  Oil +7 3750

Wheat Dec -3 595; Jly -2 604 (602-10)

  KC -5 552; MGE -4 550

Oats unch 296

Rice +5 1233

 

LC Dec +90 11132; Feb +155 11357; Apr +90 11725

FC Nov +10 13737; Jan +180 13972; Mar +150 13917

LH Dec +37 6552; Feb +185 6562; Apr +177 6922

Milk Nov +2 2305; Dec -55 1619; Jan -8 1668

Corn and soy complex futures closed higher with new contract highs in soybeans and soybean oil. Soybeans led the CBOT higher as the tight 20/21 ending stocks situation, harvest winding down and less-than-ideal field conditions in South America providing support. USDA only announced a corn export sale to Mexico this morning. Traders think that China has been active in the market. Wheat reversed Monday’s gains as the corn rally can only do so much for wheat given its plentiful supply situation.
 

Live and feeder cattle futures closed moderately higher on strong boxed beef values. This may indicate that consumers are again filling their freezers ahead of potential COVID lockdowns. Choice beef soared 6.77 to 233.72 and Select ended up 1.61 at 213.96. The Choice-Select Spread jumped out to 19.76. Movement was moderate. Fed cattle trade has been light at steady money -- $110/cwt live.

Lean hog futures closed higher with 2021 contracts leading the way. December LH was pressured by weaker cash hog prices and the past week’s weakness in the pork cutout. FOB Plant Pork dropped a sharp 2.55 to 78.60 with an 8% drop in belly value and a 6% drop in the value of picnics.

US$ -.1% 92.44

Dow -167 29783

SP -17 3610

NAS -25 11899

Tran +41 12435

  VIX +.27 22.72

 

WTI +2 4159

Brent +3 4385

Gas +1 116

NG -1 269

HO +1 124

Eth -2 142

Gold -9 1879

Slvr -26 2454

 

2-yr -.004 0.175%

5-yr -.024 0.384%

10yr -.039 0.867%

30yr -.041 1.618%

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