Market Closes - November 20, 2014

Posted on Nov 20, 2014
CBOT futures posted strong gains today after trading around unchanged overnight. Initial support came from good weekly corn and soymeal export sales and a reported soybean export sale. Technical buyers jumped on board when it was apparent that December Corn was going to respect the 100-day moving average support at $3.62. Corn had the most impressive gains with a close over yesterday’s highs. KC and MGEX wheat futures also rose sharply.

Nearby cattle futures closed moderately lower after starting the day higher. December LC has pressed the $171.27 level for 3 out of the last 4 days. Traders may have booked profits and reduced positions ahead of tomorrow’s Cattle on Feed Report. Boxed Beef keeps creeping higher as the packers need more money to pay for those record cash prices paid last week for fed steers. Choice carcasses up 0.60 at 255.39; Select up 0.94 at 242.99/cwt. Feeder Cattle dropped hard early this morning before the CBOT climbed.

Lean Hogs closed mixed with moderate losses in the nearby contracts and gains in late-2015 contracts. Losses were minimized with a strong pork market today which only recovered part of yesterday’s loss. FOB Plant Pork ended up .98 to 93.62 with better values for loin, picnic and belly cuts.

Corn Dec +10 373 (hi 375); May +10 395; Dec +9 416 Bean Jan +16 1020 (hi 1022); May +16 1034; Nov +12 1004 Meal Dec unch 371 (hi 375); May +6 342 Oil +16 3267 Wheat Dec +9 547; Jly +11 564 (hi 565) KC +16 602; MGE +13 584 Oats -1 326 Rice +17 1258

LC Dec -57 17025; Feb -47 17182; Jun +82 16200 FC Jan -152 23557; Mar -160 23372; May -197 23355 LH Dec -100 9077; Feb -75 9090; Jun unch 9800 Milk Dec +15 1870; Jan +15 1736

US$ -.05%

Dow +33 17719 SP +4 2053 NAS +26 4702 Tran +41 9054 VIX -.38 13.58

WTI +176 7626 Brent +173 7983 Gas unch 204 NG +9 446 HO +4 239 Eth +7 195 Gold unch 1193 Slvr -5 1624

2-yr -.012 0.513% 5-yr -.009 1.630% 10yr -.013 2.338% 30yr -.011 3.055%

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Tagged Post Topics Include: Economics, Market updates