Market Closes - November 6, 2017

Posted on Nov 6, 2017

CBOT futures closed mostly higher except for corn ending steady. Corn traded higher overnight and most of the day, but sold off at the close to end near steady. Corn futures have been trading above and below the 20-day moving average in a general sideways trading channel that has narrowed recently. Speculative funds hold large short positions, so Thursday’s USDA reports will be closely watched. Corn harvest is 13 points behind the 5-year average.  Soybean futures closed near the day’s highs, bouncing back from Friday’s sharp losses. November Soybeans remain above the key 200-day moving average. Wheat futures rallied on short-covering. CBOT should have been supported by sharply higher energy futures and precious metals.

U.S. Corn Harvest Progress
70% compared to 84% year ago and 83% Average

U.S. Soybean Harvest Progress
90% compared to 92% year ago and 91% Average

Cattle futures closed lower with the nearby Live Cattle contracts dropping the most on profit-taking after the market rose sharply last week on cash market strength. Today’s stronger boxed beef market will be supportive.  Choice Beef jumped 1.83 to 210.57 and Select finished up 1.69 at 194.77. 

Lean Hog futures closed slightly higher except for the nearby December LH.  Futures were pressured by weaker cash hog prices, but losses were limited by the December LH contract’s discount to the CME LH Index.  FOB Plant Pork closed up .17 at 80.25.

Corn Dec unch 348 (348-50); Mar unch 361

Bean Nov +7 984 (975-85); Mar +7 1004

  Meal +2 316

  Oil +33 3475

Wheat Dec +5 431; Jly +3 474 (472-75)

  KC +3 430; MGE +6 631

Oats +4 267

Rice -4 1124

 

LC Dec -197 12532; Feb -110 13065; Apr -40 12940

FC Nov -72 16015; Jan -65 16087; Apr +10 15832

LH Dec -47 6462; Feb +25 7222; Apr +15 7560

Milk Nov +5 1659; Dec -6 1563

 

US$ -.2%

Dow +9 23548

SP +3 2591

NAS +22 6786

Tran -23 9732

  VIX +.30 9.44

 

WTI +162 5726

Brent +206 6413

Gas +3 182

NG +13 312

HO +5 194

Eth +2 148

Gold +13 1283

Slvr +41 1724

 

2-yr -.004 1.621%

5-yr -.020 1.985%

10yr -.025 2.318%

30yr -.026 2.796%
 

Kentucky Weekly Livestock Summary for the week of Oct 30 - Nov 4, 2017
Receipts: 23,921 
Last Week 21,723  
Last Year 21,014            

   Compared to last week, steer calves sold mostly 1.00 to 4.00 higher with good demand and heifer calves were 2.00 to 5.00 higher with good demand.  Quality was average through good.  Yearling steers and heifers sold mostly steady to 4.00 higher with good to very good demand.  Slaughter cows sold unevenly steady and slaughter bulls steady to 3.00 lower.  Supply was moderate to heavy and demand moderate to good for all slaughter cattle.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here