Market Closes - November 5, 2019

Posted on Nov 5, 2019

Corn Dec -1 382 (380-85); Jly -2 405

Bean Jan -4 934 (932-41); Jly -4 969

  Meal unch 303

  Oil -30 3157

Wheat Dec +5 515; Jly +3 529 (524-30)

  KC +5 428; MGE +2 526

Oats +3 301

Rice +12 1197

 

LC Dec -62 11945; Feb +7 12467; Apr +25 12582

FC Nov -122 14785; Jan -22 14577; Apr -15 14665

LH Dec +275 6727; Feb +185 7375; Apr +135 7997

Milk Nov +8 2027; Dec +3 1973

 

CBOT futures closed mixed with wheat gaining on corn, while soybean futures slipped four cents. Futures didn’t move much as market news was limited. Technically, corn and soybean meal futures are testing chart support, so additional weakness could lead to expanded losses. Traders are closely watching US/China trade developments and awaiting Friday’s USDA crop reports.

Live Cattle closed mixed while Feeder Cattle closed lower. Despite the setback, cattle futures remain near the highs that followed the huge rally off the early September lows. December LC is at a strong premium to recent cash trade, indicating traders are optimistic cash prices will catch up given the firm boxed beef values. However, if traders lose confidence, then LC futures could correct lower. Choice rose 1.24 to 236.05 and Select slipped .56 to 209.82. The CH/Sel spread is 26.23/cwt.

After opening near steady, lean hog futures steadily moved higher throughout the morning and closed near the highs, up sharply on the day. Today’s strength comes after several days of sideways to lower price action. Buying may be related to recent strength in the pork cutout and optimism for a US/China trade deal. FOB Plant Pork closed up .75 at 79.50.

US$ +.4% 97.9

Dow +31 27493

SP -4 3075

NAS +1 8435

Tran +68 11050

  VIX +.22 13.05

 

WTI +64 5718

Brent +79 6292

Gas +1 168

NG +5 287

HO +2 196

Eth -3 139

Gold -26 1485

Slvr -50 1757

2-yr +.033 1.627%

5-yr +.061 1.664%

10yr +.069 1.857%

30yr +.064 2.337%

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