Market Closes - November 18, 2020
Posted on Nov 18, 2020Corn Dec +5 426 (418-28); Mar +4 430; Dec21 +1 409
Bean Jan +6 1176 (1168-90); Mar +6 1175; Nov +4 1051
Meal Dec -1 395 (394-99)
Oil +96 3846
Wheat Dec +2 598; Jly +1 605 (600-609)
KC +5 558; MGE +1 550
Oats +1 297
Rice +12 1245
LC Dec -67 11065; Feb -42 11315; Apr -62 11662
FC Nov -35 13702; Jan -242 13730; Mar -227 13690
LH Dec +27 6580; Feb +27 6590; Apr -45 6877
Milk Nov +14 2317; Dec -7 1609; Jan -2 1665
CBOT futures closed mostly higher with little new information driving prices. USDA only announced a corn export sale this morning. Traders anxiously await Thursday morning’s USDA weekly Export Sales report for signs of soybean sales. Although soybean futures made new contract highs today, the highs were set soon after the 830 am opening with settlements well off the highs. The gains were limited by weaker soybean meal futures. Soybean oil shot sharply higher on support from strong palm oil prices.
Cattle futures closed lower today with feeder futures posting bigger losses. Live cattle slid in value despite stronger boxed beef values and steady cash fed prices. Rising COVID cases and a weaker stock market may have kept buyers at bay. Choice beef gained 2.12 to 235.84 and Select fell .34 to 213.62. Choice-Select Spread = 22.22. Negotiated cash trading was moderate at mostly steady prices around $110/cwt live. Dressed prices were reported at $172/cwt.
Lean hog futures closed higher in December and February, but lower in the deferred contracts with price changes fairly small. Rising hog weights and week/week harvest numbers weighed on the market. FOB Plant Pork ended down .92 at 77.68 due to a 9% drop in ham value and a 2% loss in loin value. This was offset by a 9% gain in belly value and a 4% gain in picnics.
US$ steady 92.40
Dow -345 29438
SP -42 3568
NAS -98 11802
Tran -87 12348
VIX +1.13 23.84
WTI +36 4201
Brent +59 4434
Gas +1 116
NG +2 271
HO +2 126
Eth unch 142
Gold -11 1874
Slvr -20 2445
2-yr unch 0.175%
5-yr +.008 0.394%
10yr -.004 0.868%
30yr -.026 1.599%
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