Market Closes - November 6, 2019

Posted on Nov 6, 2019

Corn Dec -3 379 (377-85); Jly -4 401

Bean Jan -7 927 (927-36); Jly -6 963

  Meal -4 299

 Oil +18 3175

Wheat Dec +1 517; Jly +1 530 (527-34)

  KC -1 428; MGE -3 523

Oats +6 307

Rice +3 1200

 

LC Dec -45 11900; Feb +2 12470; Apr -27 12555

FC Nov -105 14680; Jan -135 14442; Apr -112 14552

LH Dec -250 6477; Feb -97 7277; Apr -60 7937

Milk Nov +4 2034; Dec -6 1970

After trading to the upside overnight, corn and soybeans headed south once the market reopened at 8:30 am. These futures, along with soybean meal, continued lower throughout the day and closed at/near the lows. Corn and soybean meal fell below chart support, indicating further downside risk. Soybean futures remain above last week’s lows but posted the lowest close since October 7. Today’s weakness was part technical in nature, but amplified by renewed uncertainty about a now-delayed supposed signing of a phase-1 trade deal with China. It’s been reportedly put off into December.

Cattle futures closed lower with feeder cattle leading the way down. Given the huge 2-month rally in cattle futures, it’s no surprise to see some profit-taking. Cattle were supported by higher boxed beef values, but the delayed US/China deal weighed. Choice beef closed up 1.09 to 237.14 and Select rose 1.71 to 211.53.

Lean Hog futures closed lower with the nearby December LH down sharply (wiped out Tuesday’s big gain). Today’s selling started early but accelerated as news broke that the US/China signing would fall back into December. FOB Plant Pork gained 1.44 to 80.94. 

 

US$ +.1% 98.0

Dow unch 27493

SP +2 3077

NAS -24 8411

Tran -20 11030

  VIX -.48 12.62

 

WTI -84 5639

Brent -113 6183

Gas -5 163

NG -3 283

HO -3 193

Eth -2 138

Gold +8 1492

Slvr +5 1761

 

2-yr -.020 1.613%

5-yr -.038 1.633%

10yr -.035 1.830%

30yr -.029 2.318%

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