Market Closes - November 6, 2019
Posted on Nov 6, 2019Corn 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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