Market Update - November 10, 2015

Posted on Nov 10, 2015
The reports are bearish, so initial price response was bigger price losses. Corn futures have bounced somewhat off those initial lows. Expect more volatility.  Production increased and ending stocks forecasts grew more than expected.

Corn Dec -2 364 (low 358); Jly -4 384; Dec16 -2 393 Bean Jan -11 855 (low 852); Jly -11 866; Nov -10 864 Meal -3 291 Oil -59 2718 Wheat Dec -7 495; Jly -8 503 KC -9 465; MGE -3 501 Oats unch 224 Rice +25 1205

Cattle futures are extending losses following Monday’s limit-down losses. LC Dec -257 12935; Apr -265 13097 FC Nov -272 17440; Apr -300 16330 LH Dec +22 5395; Apr -20 6220 Milk Nov +4 1555

US$ +.3% 99.34 Dow unch SP unch NAS -.4% Tran -.1% VIX -3% 16.00

WTI +1.4% Brent +.7% Gas -.5% NG +2.3% HO +.7% Eth -.9% Gold +.3% Slvr -.3%

5-yr -.022 1.714% 10yr -.011 2.331% 30yr -.008 3.099%

 

USDA released the following estimates with comparisons to the October report shown.

  Today’s USDA

October’s

USDA

Change from month ago
Corn Yield 169.3 168.0 bu/ac + 1.3 bu/ac
  Total Production 13.653 13.555 billion + 98 million
  15/16 Exports 1.800 1.850 bil - 50 million
  15/16 End Stocks 1.760 1.561 billion + 199 million
Season Average Price 3.35-3.95 3.50-4.10 - 15 cents
World Coarse Grain Ending Stocks 247.16 222.9 MMT +24.26 MMT

 

 

     
Soybean Yield 48.3 47.2 bu/ac + 1.1 bu/ac
  Total Production 3.981 3.888 billion + 93 million
  15/16 Exports 1.715 1.675 billion + 40 million
  15/16 End Stocks 465 425 million + 40 million
Season Average Price 8.15-9.65 8.40-9.90 - 25 cents
World Soybean Ending Stocks 82.86 85.14 MMT - 2.28 MMT

-   Brazil Prod’n

 

100.0

 

100.0 MMT No change
World Wheat Ending Stocks 227.30 228.49 MMT - 1.19 MMT
       

Tagged Post Topics Include: Economics, Market updates