Market Closes - November 27, 2017

Posted on Nov 27, 2017

CBOT futures closed mixed after most futures traded near steady overnight. When markets opened at 830 am CT, corn and wheat futures headed lower while soybeans headed higher. Corn and wheat closed near the day’s lows, while soybeans closed mid-range.  KC and Chicago wheat fell to new contract lows as the spec funds hold large short positions. Corn, which has a near-record short fund position, was pressured by wheat’s decline and weaker crude oil.  Soybeans edged higher, but a nickel off the highs, thanks to the rally in soybean meal futures. On the other hand, soybean oil futures are declining even as soybean meal reached chart resistance at the October highs. December Meal is in a $310-330/ton range. Soybean futures are approaching a downtrend line off the October and November highs. Traders are watching South American weather for signs of any problems.

U.S. Corn Harvest Progress
95% compared to 98% year ago and 98% Average

U.S. Winter Wheat Conditions
50% Good to Excellent vs 52% Last Week and 58% Last Year.  

12% Poor to Very Poor vs 11% Last Week and 10% Last Year.


Cattle futures closed strongly higher on technical buying. Futures extended gains after cattle futures bottomed early last week.  In boxed beef, Choice dropped 1.42 to 209.57 and Select dropped .57 to 187.28.

Read this CME report to learn how recalibration of some cameras that grade carcasses in packing plants have lowered the share of carcasses making CHOICE grade.

Lean Hog futures closed higher, led by the nearby December LH contract.  Despite weaker cash hog prices today, traders supported LH due to strong packer margins and the uptrend on the chart since futures bottomed November 15.  December LH’s premium to cash hogs may limit gains.  FOB Plant Pork edged higher by .26 to 82.58.
 

KFB Annual Meeting starts Wednesday evening with Commodity conferences on Thursday, November 30.   Find the program on the KFB App under “Annual Meeting”.

 

Corn Dec -3 339 (338-342); Mar -3 352

Bean Jan +3 996 (990-1001); Mar +3 1008

  Meal +3 327

  Oil -34 3360

Wheat Dec -6 409; Jly -6 455 (455-61)

  KC -7 407; MGE -13 610

Oats +1 250

Rice -12 1229

 

LC Dec +125 11982; Apr +160 12685; Jun +110 11932

FC Jan +115 15445; Apr +90 15247; Aug +92 15372

LH Dec +127 6452; Feb +70 7010; Apr +50 7407

Milk Nov -1 1679; Dec -27 1515

US$ +.2%

Dow +23 23581

SP -1 2601

NAS -11 6879

Tran -25 9595

VIX +.20 9.87

 

WTI –110 5785

Brent -14 6372

Gas unch 179

NG +14 295

HO unch 195

Eth +1 138

Gold +7 1294

Slvr +2 1701

 

2-yr -.003 1.745%

5-yr -.015 2.050%

10yr -.009 2.331%

30yr +.008 2.769%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here