Market Closes - November 20, 2019

Posted on Nov 20, 2019

Corn Dec -3 367 (366-70); Jly -3 389

Bean Jan -6 905 (904-16); Jly -4 944

  Meal -2 300

  Oil +24 3120

Wheat Dec +3 515; Jly +2 523 (517-23)

  KC unch 426; MGE -2 501

Oats +7 314

Rice +1 1210

 

LC Dec +52 11930; Feb +42 12547; Apr +7 12625

FC Nov Unch 14660; Jan +5 14407; Apr -40 14537

LH Dec -170 6045; Feb -285 6677; Apr -282 7292

Milk Nov +1 2033; Dec +6 1845; Jan +5 1798

CBOT futures closed mixed with corn and soybeans continuing to be pressured by fund selling and a lack of export demand. Corn and beans closed near the day’s lows in light of news reports that US and China won’t reach a trade deal in 2019. Corn and bean charts look bearish. Corn isn’t too far above the contract lows set in September. Wheat futures are following their own story, although the fundamentals aren’t bullish.

Live cattle closed slightly higher through June 2020 and feeder cattle ended unchanged to slightly lower. Cattle futures have very little news to trade on as it waits for the cash market to fully develop. Sales today were $115-116, up slightly from last week’s price. Choice beef dropped .80 to 238.21 and Select fell .70 to 214.77.  The monthly Cattle on Feed report comes out Friday after the close.

Lean hog futures closed sharply lower due to Tuesday’s sharp drop in the pork cutout, huge production, lack of technical chart support and reports that the US/China Phase 1 deal won’t happen in 2019. FOB Plant Pork rose 1.91 to 86.58, recovering about half of the late-day losses posted Tuesday, thanks to a 11% gain in the ham value. Bellies fell over 2%, and ribs and picnics dropped 3%. The morning quote was up 2.93. Let’s hope for big pork export sales in tomorrow’s USDA report.

US$ +.1%

Dow -113 27821

SP -12 3108

NAS -44 8527

Tran -153 10695

  VIX -.03 12.83

 

WTI +179 5714

Brent +158 6249

Gas +5 166

NG +5 256

HO +4 189

Eth unch 140

Gold -3 1471

Slvr unch 1711

 

2-yr -.020 1.576%

5-yr -.036 1.584%

10yr -.050 1.736%

30yr -.058 2.198%

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