Market Closes - November 19, 2019
Posted on Nov 19, 2019Corn 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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