Market Closes - November 7, 2019

Posted on Nov 7, 2019

Corn 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%

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