Market Closes - November 20, 2018

Posted on Nov 20, 2018

Corn Dec -1 361 (361-63); Mar -1 372; Dec19 unch 396

Bean Jan +7 881 (870-86); Mar +7 894; Nov +7 929

  Meal +2 307

  Oil +2 2734

Wheat Dec +2 501; Jly +1 524 (520-24)

  KC -1 473; MGE -2 570

Oats -1 304

Rice -3 1073

 

LC Dec -45 11570; Apr -27 12157; Jun +5 11402

FC Jan -40 14687; Apr -15 14450; Aug -17 14875

LH Dec -205 5897; Feb -190 6712; Jun -10 8495

Milk Dec -18 1448; Jan -25 1456

CBOT futures closed narrowly mixed despite the outside markets moving strongly against Ag futures. Equities and energy dropped sharply and the US Dollar Index gained .7%. CBOT futures mostly respected yesterday’s lows, trading in the lower range. Soybean futures recovered a portion of Monday’s large loss. Some soybean export announcements helped the market as traders wait for direction on the US/China trade squabble.   

Cattle futures closed moderately lower after a higher opening quickly failed. Trading ranges were relatively small with traders preparing for tomorrow’s USDA monthly Cattle on Feed Report. Traders expect the on-feed inventory at 104.2% of the year-ago number.  Choice beef ended up .70 at 214.09 and Select dipped .14 to 198.43.  

Lean Hog futures closed from sharply lower in nearby contracts to a little higher in the deferred contracts. After several days of higher LH futures, it’s no surprise to see a correction especially as slaughter runs record high and pork values sink. FOB Plant Pork ended down 3.09 at 65.72 as bellies dropped nearly 10%, loins down 4% and picnics down 5%. Last week’s hog slaughter was a record-large 2.618 million head, up 5.8% from a year ago.
 

US$ +.7% 96.8    Rallied on safe-haven buying amid global growth concerns.

Dow -552 24466   Closed below the 24719 level from the end of 2017.  

SP -49 2642     Close is 40 points above the October 29th low.

NAS -120 6909

Tran -322 10213

  VIX +2.46  22.56

 

WTI -381 5339
  Crude futures dropped on concerns of rising global supplies, especially if economic growth slows.

Brent -436 6243

Gas -9 149

NG -18 452

HO -10 198

Eth unch 125

Gold -3 1222

Slvr -11 1429

 

2-yr +.017 2.800%

5-yr +.014 2.880%

10yr -.003 3.056%

30yr -.005 3.311%

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