Market Closes - November 20, 2017

Posted on Nov 20, 2017

CBOT 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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