Market Closes - November 16, 2021
Posted on Nov 16, 2021Corn Dec -5 571 (570-77); Mar -6 577; Jly -6 583
Bean Jan -6 1251 (1248-61); Mar -5 1263; Jly -5 1279
Meal Dec -4 367 (367-75)
Oil +97 5917
Wheat Dec -16 810 (810-27); Jly -11 813
KC Dec -15 821; MGE -13 1013
Oats +7 730
Rice +3 1418
LC Dec -5 13172; Feb -22 13610; Apr -17 13980
FC Nov -27 15565; Jan +80 15927; Apr +110 16342
LH Dec +192 7772; Feb +220 8337; Apr +167 8737
Milk Dec -30 1719; Jan -15 1797
CBOT futures closed mostly lower on broad-based selling lead by the wheat market. Soybean oil moved strongly higher as traders reversed meal/oil spreads. There was little news driving the market; traders appeared to take some profits after recent price strength. Most contracts were higher on Monday evening but the direction was mostly downward during the day session although corn and soybeans made a mid-morning bounce that didn’t last.
Live cattle closed narrowly mixed while feeder futures closed higher except for the nearby November FC. Trading ranges were pretty narrow especially in LC which has been moving sideways the past two weeks. The fed market hasn’t given any sign of price direction. Feedlots are asking $134/cwt compared to last week’s $132 trades. With Thanksgiving a week away, packers may be more patient after bidding up the past two weeks. Boxed beef values are slipping. Choice beef fell 1.07 to 282.13 and Select slipped .69 to 266.59. Beef movement was decent at 162 loads.
Lean hog futures closed strongly higher with no obvious fundamental reason for it. Market reports indicate traders are bullish on the 2022 hog market and that may be supporting prices. FOB Plant Pork ended down 6.16 at 87.77 compared to 92.46 in the morning report. Every primal cut lost value. Ham value fell 12%; belly value lost over 8%; and butt value slid 7%. Pork movement was a strong 387 loads.
US$ +.4% 82.43
Dow +55 36142
SP +18 4701
NAS +120 15974
Tran +12 16791
VIX -.09 16.40
WTI -1 7974
Brent +38 8243
Gas +2 235
NG +16 518
HO +3 243
Eth unch 221
Gold -12 1854
Slvr -16 2494
2-yr -.002 0.522%
5-yr +.013 1.270%
10yr +.019 1.640%
30yr +.026 2.033%
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