Market Closes - November 9, 2016

Posted on Nov 9, 2016

Most CBOT futures closed sharply lower and near the day’s lows under pressure from bearish USDA crop reports which raised corn and soybean supplies more than expected.  The rebound in financial markets following the Trump victory resulted in a stronger US Dollar which hurts export competitiveness.  The funds sold huge amounts of futures after being strong buyers Tuesday.

Cattle futures closed mostly higher in the upper part of the day’s trading range. The recovery in US stock markets helped lift cattle futures.  Traders are waiting to see where the cash fed cattle market develops. The weekly online Fed Cattle Exchange auction saw most trades at $103/cwt. https://www.fedcattleexchange.com/     Boxed beef was weaker today with Choice dn 0.79 at 184.55; Select dn 1.49 at 170.45.

Lean Hog futures closed slightly lower on weakness in cash hog prices and pork values. FOB Plant Pork dropped .42 to 73.82 with ham’s down 5% and Bellies up over 2%. LH futures remain within $1.50 of the recent highs.


After a very negative reaction last night to the developing Trump victory, financial markets turned around and posted large moves in the opposite direction. Investors moved money from safe Treasury bonds to equities; this resulted in a sharp bump in Treasury yields. The 10-year yield (2.07%) hasn’t been this high since January 2016.
 

Corn Dec -13 341; May -13 357

Bean Jan -20 991; May -19 1005

  Meal -4 311

  Oil -100 3431

Wheat Dec -8 407; Jly -7 456

  KC -7 410; MGE unch 514

Oats -3 222

Rice -4 947

 

LC Dec +87 10347; Apr +22 10472; Jun -15 9692

FC Nov +15 12455; Jan +50 11972; Apr +10 11590

LH Dec -42 4655; Feb -42 5407; Apr -22 6155

Milk Nov unch 1679; Dec +8 1654

US$ +.7%

Dow +257 18590

SP +24 2163

NAS +58 5251

Tran +69 8397

  VIX -4.25  14.49

 

WTI +34 4532

Brent +49 4653

Gas -1 136

NG +7 270

HO unch 145

Eth -3 152

Gold +3 1278

Slvr +10 1846

 

2-yr +.044 0.906%

5-yr +.151 1.482%

10yr +.206 2.068%

30yr +.231 2.858%

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