Market Closes - November 22, 2016

Posted on Nov 22, 2016

CBOT closed mostly steady to higher with soybean meal futures leading the market higher. Weakness in soybean oil limited gains in soybeans. Soybeans were supported by fund buying related to ongoing strong export situation and follow-through buying from Monday’s sharp rally above the 200-day moving average. January Soybeans traded above the October 27 high and closed at the highest price since July 18. This contract is now 90 cents above the fall low of 9.40 and has recovered 37.5% of the June-July price collapse. A 50%-retracement would be $10.60.

Like Monday, Live Cattle went up and Feeder Cattle went down – if only by small amounts. Live Cattle found support from higher boxed beef values. Traders will look for early cash market indications at the online Fed Cattle Exchange auction tomorrow. Cash trading should wrap up with Thanksgiving just a day away. Choice down 0.46 at 185.22; Select up 0.44 at 169.17. At midday, Choice was up 1.05 and Select up 1.44.

Lean Hog futures tried to move higher at the opening bell but quickly failed. After up and down movement during the day, prices weakened into the closing bell so the final prices are at/near the day’s lows.

Although up by 1.38 at midday, the FOB Plant Pork cutout closed only .24 higher at 73.73. A 5% gain in ham value was offset by a 3% drop in loin price. Lower-than-expected frozen pork inventories reported today may add support.

Corn Dec +1 351 (346-52); May +1 365

Bean Jan +10 1030 (1015-33); May +10 1045

  Meal +5 325

  Oil -16 3448

Wheat Dec -3 407; Jly +1 456 (450-57)

  KC +2 416; MGE unch 527

Oats -3 221

Rice -25 956

 

LC Dec +32 10935; Apr +32 10985; Jun +22 10100

FC Jan -12 12405; Apr -32 11925; Aug -17 11932

LH Dec -47 4930; Feb -82 5555; Jun -67 7365

Milk Dec +11 1709; Jan +7 1644

US$ +.1%

Dow +67 19024   Record high closes in stock indexes. SP +5 2203

NAS +17 5386

Tran +14 8911

VIX -.01 12.41

 

WTI -34 4790

Brent +22 4912

Gas unch 140

NG -1 294

HO unch 152

Eth unch 160

Gold +2 1212

Silver +1663

 

2-yr -.006 1.091%

5-yr -.022 1.774%

10yr -.027 2.310%

30yr -.013 2.998%

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