Market Closes - November 20, 2017
Posted on Nov 20, 2017CBOT futures closed mixed with corn and soybean futures closing near the day’s highs on a late rally. This followed Friday’s big rally. Corn was able to add to those gains, while soybean futures closed steady after trading much lower during the morning. A stronger US Dollar and weaker energy futures weighed on the market. Soybean meal helped offset the big loss in soybean oil, which has a huge spec long. But the spec fund’s near-record short position in corn futures provides buying potential as short-covering is encouraged. Wheat futures posted modest losses from the stronger US Dollar and generally bearish fundamentals. The funds also are near-record short wheat futures. Wheat futures are trading just above chart support.
U.S. Corn Harvest Progress
90% compared to 96% year ago and 95% Average
U.S. Soybean Harvest Progress
96% compared to 98% year ago and 97% Average
Winter Wheat Conditions
52% Good to Excellent vs 54% Last Week and 58% Last Year.
11% Poor to Very Poor vs 11% Last Week and 10% Last Year.
Cattle futures closed sharply lower due to Friday’s bearish Cattle on Feed Report and confirmation that the spec funds still hold a huge long position even after the previous week’s price drop. Boxed beef was also weaker today. Choice carcasses down 1.06 at 206.18; Select up 0.20 at 188.05.
Lean Hog futures closed strongly higher, pushing above Friday’s highs. Buyers were encouraged by the December LH contract’s discount to the cash market, strongly higher pork values and strong operating margins by the packers. FOB Plant Pork gained 1.31 to 82.27 as all cuts were higher in value but the picnic.
Corn Dec +2 345 (341-45); Mar +1 356
Bean Jan unch 990 (983-92); Mar unch 1001
Meal +2 320;
Oil -49 3395
Wheat Dec -5 422; Jly -4 462 (460-67)
KC -6 416; MGE -9 626
Oats -2 255
Rice +9 1237
LC Dec -175 11710; Apr -117 12370; Jun -130 11635
FC Jan -217 14955; Apr -232 14785; May -247 14705
LH Dec +137 6202; Feb +140 6847; Apr +122 7237
Milk Nov +3 1682; Dec +16 1543
US$ +.5% 94.09
Dow +72 23430
SP +3 2582
NAS +8 6791
Tran +39 9522
VIX -.70
WTI -46 5609
Brent -59 6213
Gas unch 174
NG -5 305
HO -1 193
Eth -2 140
Gold -21 1275
Slvr -53 1684
2-yr +.025 1.755%
5-yr +.032 2.094%
10yr +.014 2.368%
30yr -.011 2.782%
October Milk Production in the US up 1.4 Percent
Milk production in the United States during October totaled 17.8 billion pounds, up 1.4 percent from October 2016. Production per cow in the United States averaged 1,894 pounds for October, 12 pounds above October 2016. The number of milk cows on farms in the United States was 9.40 million head, 65,000 head more than October 2016, but 1,000 head less than September 2017.
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