Market Closes - November 4, 2019

Posted on Nov 4, 2019

Corn Dec -6 383 (383-88); Jly -3 406

Bean Jan +1 938 (932-42); Jly +3 973

  Meal -2 305

  Oil +84 3209

Wheat Dec -6 510; Jly -5 526 (524-30)

  KC -3 423; MGE -7 524

Oats -8 298

Rice -14 1185

 

LC Dec +55 12007; Feb +37 12460; Apr +12 12557

FC Nov -5 14907; Jan unch 14600; Apr +40 14680

LH Dec +7 6452; Feb -67 7190; Apr -85 7862

Milk Nov -2 2017; Dec -1 1969

 

CBOT futures closed mixed with corn and wheat under pressure from disappointing export demand and plentiful supplies. Some private corn production estimates are above expectations. USDA will update its supply-demand tables on Friday. Soybean futures held their own thanks to a sharp rise in soybean oil futures and a lack of bad news on the US/China trade negotiations.  The speculative funds have sizable positions short corn and long soybeans.

US Corn Harvested
52% vs 74% year ago and 75% for 5-year average.

US Soybeans Harvested
75% vs 81% year ago and 87% for 5-year average.
 

Cattle futures closed slightly higher except for the nearby feeder contracts. December LC have been steadily marching higher since the September low and are now $22/cwt higher. LC futures are “overbought” but rising boxed beef values and last week’s $3.00 increase in cash fed prices are supporting futures.  Choice beef closed up 1.61 at 234.81 and Select jumped 2.87 to 210.38.

Beyond the nearby December LH contract, futures closed moderately lower. LH was pressured by weaker cash hogs and a lack of a firm US/China trade deal. With rising pork values, hog packers are experiencing very good margins. FOB Plant Pork soared 3.11 to 78.75 with all cuts rising. Hams rose over 8%; picnics, butts and bellies gained 3% or more.

US$ +.4% 97.5

Dow +115 27463

SP +11 3078

NAS +47 8433

Tran +244 10982

  VIX +.46 12.76

 

WTI +32 5652

Brent +41 6210

Gas +1 167

NG +10 282

HO +1 194

Eth -3 142

Gold +1 1512

Slvr unch 1805

 

2-yr +.026 1.586%

5-yr +.041 1.595%

10yr +.049 1.777%

30yr +.053 2.265%

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