Market Closes - November 7, 2019
Posted on Nov 7, 2019Corn Dec -3 375 (374-80); Jly -3 398
Bean Jan +9 936 (926-38); Jly +7 971
Meal +7 306
Oil -32 3143
Wheat Dec -4 512; Jly -3 526 (524-32)
KC -3 425; MGE -4 519
Oats -2 305
Rice +3 1203
LC Dec unch 11900; Feb +15 12485; Apr +30 12585
FC Nov -2 14677; Jan +135 14577; Apr +127 14680
LH Dec -47 6430; Feb +100 7377; Apr +77 8015
Milk Nov -30 1993; Dec -68 1896
CBOT futures closed widely mixed as soybeans rallied on favorable reports that suggest the US/China Phase 1 deal is on track. Better-than-expected weekly soybean export sales also lifted soybean futures. Soybean meal rose over two percent, but soybean oil fell one percent. In contrast, corn and wheat futures closed lower on disappointing export sales and the negative technical picture in corn. Nearby corn futures have closed lower for 5 straight days. The March YC contract could find support at 3.81 or 3.78. Traders will reassess their positions once USDA releases its monthly supply-demand updates.
Live cattle futures were up slightly and feeder cattle posted moderate gains in the 2020 contracts. Nearby November FC ended steady. Cattle futures are consolidating near their 6-7 month highs. Strong boxed beef values provided support, but the cash market isn’t showing the stronger cash prices traders have expected this week. Weekly beef export sales were down 36 percent from last week. Choice beef gained 1.15 to 238.29 and Select ended up 1.49 to 213.02. Choice-Select spread is 25.27.
Beyond the 47 cent loss in the December LH, lean hog futures closed variably higher. Deferred LH contracts were supported by favorable trade reports on the US/China Phase 1 deal. December LH was pressured by poor weekly pork exports and its premium to the LH Cash Index. FOB Plant Pork slipped .30 to 80.64.
Financial traders/investors took the favorable US/China reports and ran with it. They sold Treasuries and precious metals and bought stocks – pushing the indexes to new record highs.
US$ +.2% 98.1
Dow +182 27675
SP +8 3085
NAS +24 8435
Tran +61 11091
VIX +.11 12.73
WTI +72 5707
Brent +60 6234
Gas +1 164
NG -4 278
HO -1 192
Eth +3 140
Gold -24 1469
Slvr -52 1708
2-yr +.074 1.681%
5-yr +.116 1.742%
10yr +.114 1.926%
30yr +.108 2.405%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments