Market Closes - November 2, 2020

Posted on Nov 2, 2020

Corn Dec -1 397 (393-98); Mar -1 402; Dec21 unch 387

Bean Jan -4 1052 (1045-57); Mar -3 1045; Nov21 +1 972

  Meal Dec -3 375 (374-84)

  Oil -42 3319

Wheat Dec +9 607; Jly +6 599 (586-600)

  KC +12 553; MGE +4 556

Oats -5 292

Rice +2 1254

 

LC Dec +25 10855; Feb +12 11052; Apr +17 11382

FC Nov -42 13697; Jan -7 13405; Mar +30 13382

LH Dec +37 6595; Feb -25 6530; Apr -42 6797

Milk Nov -20 2370; Dec -49 1996

CBOT futures closed mixed with wheat leading the way higher. Wheat traded lower overnight but shot sharply higher at the 830 am opening; this created a bullish key reversal chart signal. Corn and soybeans were pressured by fund selling as they still hold huge long positions. The slower pace of export sales and improved South American soybean planting weighed on futures.

U.S Crop Progress
Corn harvest is 82% complete vs 72% last week and 69% for 5-yr avg

Soybean harvest is 87% complete vs 83% last week and 83% for 5-yr avg

Winter Wheat planted is 89% complete vs 86% for 5-yr avg
 

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
    (  )change from last week
Winter Wheat 43%(-2)    19% (unch)

 

LC Dec +25 10855; Feb +12 11052; Apr +17 11382

FC Nov -42 13697; Jan -7 13405; Mar +30 13382

LH Dec +37 6595; Feb -25 6530; Apr -42 6797

Cattle futures closed mostly higher but only by small amounts. Nearby LC and FC contracts made new highs for this latest rally. Although negotiated trade was not established today, analysts are optimistic for higher prices with the cutout firming up and beef production down .76% week/week and down .87% year/year. Choice beef ended up .55 at 208.65 and Select gained 1.38 to 192.62. Load count was on the low end. Last week’s average prices from USDA are $104.16/cwt live and $159.70/cwt dressed. The average carcass weight was 844 pounds, unchanged from the prior week.

Except for a 37 cent gain in December lean hogs, LH futures closed lower, but near the day’s highs. LH followed cattle futures’ path today. December LH was supported by higher pork cutouts and the December LH large discount to the current CME Lean Hog Index. However, the Index and cash hog prices have been weakening. FOB Plant closed up only .34 at 84.14 after being up 2.23 in the morning quote. A 4% drop in belly value outweighed gains in the ham and rib values.

 

US$ +.2% 94.05

Dow +423 26925

SP +40 3310

NAS +46 10958

Tran +110 11216

 VIX -.89 37.13

 

WTI +127 3707

Brent +132 3926

Gas +3 106

NG -12 324

HO +3 112

Eth +1 139

Gold +17 1896

Slvr +51 2415

 

2-yr +.006 0.158%

5-yr -.004 0.377%

10yr -.012 0.847%

30yr -.018 1.618%

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