Market Closes - November 5, 2019
Posted on Nov 5, 2019Corn 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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