Market Closes - November 2, 2020
Posted on Nov 2, 2020Corn 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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