Market Closes - November 19, 2019

Posted on Nov 19, 2019

Corn Dec +2 370 (368-73); Jly +4 392

Bean Jan +1 911 (910-17); Jly +2 948

  Meal +1 302

  Oil +32 3096

Wheat Dec +5 512; Jly +3 521 (516-24)

  KC +7 426; MGE unch 503

Oats +4 306

Rice unch 1209

 

LC Dec +7 11877; Feb -5 12505; Apr -22 12617

FC Nov +22 14660; Jan -45 14402; Apr -7 14577

LH Dec -60 6215; Feb -60 6962; Apr -60 7575

Milk Nov +2 2033; Dec -10 1837

 

CBOT futures closed steady to higher with KC Wheat posting the best gains. Corn and soybean futures bounced off Monday’s new lows on technical short-covering. However, corn settled off the highs, while soybeans closed near the day’s lows. The charts show definite downtrends in corn and soybean futures. Corn harvest as of Sunday was 76% complete, way behind the 92% 5-yr average. Soybean harvest is 85% done versus the 5-yr avg of 95%. The current US/China trade deal environment is negative.

Cattle futures closed little changed after trading lower during the day. The beef market was steady as well. Choice beef closed down .11 at 239.01 and Select slipped .12 to 215.47.  The Ch/Sel spread is 23.54.

Lean hog futures closed lower, making new lows not seen since early September. Lack of a US/China trade deal while slaughter levels remain high weighed on the market. By the afternoon, FOB Plant Pork dropped a big 4.47 to 84.67 and belly value fell 8 pct and hams dropped over 12 pct. The midday quote was actually up .85 to 89.99.

Energy futures dropped sharply on concerns about growing supplies and a lack of US/China trade deals.

 

US$ steady 97.85

Dow -102 27934

SP -2 3120

NAS +21 8571

Tran -31 10848

  VIX +.38 12.84

 

WTI -188 5517

Brent -167 6077

Gas -3 159

NG -6 251

HO -5 186

Eth unch 141

Gold +1 1473

Slvr +12 1712

 

2-yr +.006 1.598%

5-yr -.003 1.622%

10yr -.024 1.784%

30yr -.042 2.251%

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