Market Closes - November 18, 2014

Posted on Nov 18, 2014
CBOT futures closed lower to varying degrees. Attempts to follow through on Monday’s soybean and meal rally failed early this morning and prices slid lower throughout the day. Corn also followed this pattern so corn and bean finished near the day’s lows. Wheat rallied at the closing bell to minimize losses. Trade reports indicate that U.S. soybean meal is being displaced by cheaper South American meal in export markets and that French feed wheat is coming to America. Technically, nearby corn and soybean futures closed slightly below the uptrend lines started in mid-October.

Cattle futures closed little changed on both sides of Monday’s closing prices. With futures near record highs, it will take cash market strength to get it even higher. Boxed beef didn’t provide that today as Choice Beef ended steady at 254.29 and Select rose 1.23 to 241.26/cwt.

Lean Hog futures dropped sharply in the Dec/Feb/April contracts. After a long run of rising prices, the market broke as it learned of much lower pork prices. Fob Plant Pork dropped 1.43 to 94.16/cwt on a 6% drop in ham value. December LH lost nearly a third of its November rally.

Corn Dec -5 372 (371-79); May -5 394; Dec -5 416 Bean Jan -13 1023 (1021-42); May -13 1037; Nov -14 1011 Meal Dec -9 378; May -6 3443; Oil +20 3265 Wheat Dec -3 549; Jly -3 564 (559-69) KC -3 593; MGE -5 578 Oats -5 334 Rice +9 1200

LC Dec -17 17082; Feb -2 17207; Jun +32 16100 FC Nov +40 24042; Jan -20 23727; Mar -5 23560 LH Dec -145 9155; Feb -150 9112; Apr -115 9295 Milk Dec +2 1839; Jan -5 1724

US$ -.4%

Dow +40 17688 SP +10 2052 NAS +31 4702 Tran +29 9042 VIX -.13 13.86 -.9%

WTI -102 7464 Brent -99 7832 Gas +1 204 NG -8 426 HO -2 238 Eth unch 206 Gold +14 1197 Slvr +11 1617

2-yr -.008 0.504% 5-yr -.020 1.607% 10yr -.023 2.317% 30yr -.020 3.039%

Blue Grass Stockyards Cattle Report for 11/18/2014 Receipts: 752 Last Tuesday: 1565 Year Ago: 1669 ***Special cow sale tomorrow night 6:30, 400 head consigned. Compared to Monday steer and heifer calves sold steady in a light test with moderate demand. Quality was average through good. Light supply due to record low overnight temps. Yearling steers and heifers limited comparison with yesterday however compared to last week sold steady with good demand. Slaughter cows and slaughter bulls sold steady with good demand. Total supply included 09% slaughter cows, less than 01% slaughter bulls, 0% replacements and 90% feeders. Feeder supply 56% steers, 11% bulls, 33% heifers with 60% of feeders weighing over 600 lbs.

 

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Tagged Post Topics Include: Economics, Market updates