Market Closes - November 12, 2018
Posted on Nov 12, 2018Corn Dec +1 371 (368-72); Mar +1 382; Dec19 +1 403
Bean Jan -3 883 (879-87); Mar -2 897; Nov -2 934
Meal unch 306
Oil +9 2771
Wheat Dec +18 520; Jly +15 541 (526-41)
KC +6 493; MGE +9 582
Oats unch 285
Rice +5 1064
LC Dec +35 11492; Feb +20 11800; Jun -5 11265
FC Nov -62 14837; Jan -7 14372; Apr -72 14255
LH Dec +75 5655; Feb +202 6152; Jun +147 8272
Milk Nov +4 1450; Dec +21 1468
Despite bearish outside markets (stronger US Dollar, weaker energy futures), corn and soybean futures closed just 1-3 cents up/down from Friday’s closes. In contrast, wheat futures, especially in Chicago, rallied strongly on aggressive short-covering by the funds who are net short wheat. One reason they bought was the potential damage to the Argentinian wheat crop by heavy rain.
Cattle futures closed lower except for the Dec and Feb LC contracts, despite the stronger US Dollar and the sharp drop in US stock prices. Cattle were able to stabilize on short-covering following last Friday’s sharp drop. Choice beef edged .35 higher to 215.55 and Select rose 1.67 to 200.39.
Lean Hog futures posted moderate to strong gains today on news that African Swine Fever was found in part of China’s hog feed supply and a very strong pork product market at midday (FOB Plant up 2.00). However, FOB Plant Pork ended the day only up .56 at 70.83. December LH didn’t rally as much as other contracts because it didn’t drop last week like the 2019 contracts.
US$ +.8% Highest level since June 2017
Dow -602 25387
SP -55 2726
NAS -206 7201
Tran -151 10367
VIX +3.09 20.45
WTI -137 5899
Brent -108 6910
Gas -1 161
NG +22 393
HO -4 214
Eth unch 126
Gold -8 1201
Slvr -17 1397
2-yr -.041 2.928%
5-yr -.050 3.040%
10yr -.046 3.186%
30yr -.037 3.388%
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