Market Closes - November 7, 2017

Posted on Nov 7, 2017

CBOT futures closed narrowly mixed in quiet trade ahead of Thursday’s USDA reports. There was very little news in the market. Soybeans found some support from private analysts trimming the South American 17/18 crop due to the extended weather forecast as impacted by the La Nina.  KC/Chicago wheat futures closed lower after 3 days of higher prices. However, MGEX spring wheat futures moved higher for the fourth straight day. The spec funds remain long soybeans and short corn and wheat.

Cattle futures closed lower but well off the day’s lows. Futures opened near steady and then sold off to the lows. Volatile trade in the last hour ended with a rally to mid-range. Futures were pressured by Monday’s failure to move higher and the resulting sharp losses. Traders are waiting for the cash market to prove prices are going to keep rising. Boxed beef contributed to this today with Choice up 2.07 at 212.64; Select up 2.99 at 197.76. 

Lean Hog futures closed moderately lower on continued weakness in cash hog prices. Losses were limited by a stronger pork cutout and December futures’ discount to the CME cash index. FOB Plant Pork gained .79 to 81.04. The December LH contract has closed lower for 5 straight trading days and is $4.00 lower than the week-ago close.

Corn Dec unch 348 (346-48); Mar unch 361

Bean Nov +2 986 (982-88); Mar +2 1006

  Meal -1 315

   Oil +29 3502

Wheat Dec -3 427; Jly -3 471 (468-74)

  KC -3 426; MGE +4 635

Oats +1 270

Rice unch 1124

 

LC Dec -70 12462; Feb -27 13037; Apr -2 12937

FC Nov -27 15987; Jan -35 16052; Apr -82 15750

LH Dec -70 6392; Feb -135 7087; Apr -92 7467

Milk Nov -7 1649; Dec -21 1541

 

US$ +.2%

Dow +9 23557

SP unch 2591

NAS -19 6768

Tran -60 9672

  VIX +.58  9.98

 

WTI -15 5720

Brent -73 6354

Gas -1 182

NG +2 315

HO -2 192

Eth -1 147

Gold -6 1276

Slvr -29 1694

 

2-yr +.012 1.633%

5-yr +.001 1.988%

10yr -.006 2.314%

30yr -.018 2.778%
 

Lexington Auction
Weighted Average Report for 11/06/2017
   Receipts:  1672    Last Week:  1554    Year Ago:  828

Compared to last Monday steer calves sold 3.00 to 8.00 higher with very good demand especially for weaned calves.  Few yearling packages sharply higher with very good demand.  Heifer calves sold steady to 3.00 higher with good demand.  Quality was good through attractive.  Slaughter cows and slaughter bulls sold steady with light demand.

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