Market Closes - November 18, 2021
Posted on Nov 18, 2021Corn Dec -2 573 (572-83); Mar -2 579; Jly -2 585
Bean Jan -12 1265 (1263-87); Mar -12 1276; Jly -11 1291
Meal Dec -4 370 (370-80)
Oil -6 5917
Wheat Dec -2 820 (819-43); Jly +2 825
KC Dec -7 827; MGE -10 1017
Oats +17 756
Rice +22 1459
LC Dec +92 13315; Feb +85 13725; Apr +60 14087
FC Nov -15 15592; Jan +245 16137; Apr +235 16607
LH Dec -107 7510; Feb +15 8330; Apr +7 8760
Milk Nov -7 1791; Dec +46 1761; Jan +46 1821
Major CBOT futures closed lower and near the lows of the day. Early strength peaked around 9:00 am CT and it was downhill from there. USDA’s 8:30 am weekly export sales report may have had enough positive points to create the quick rally before traders realized export business is still lagging. Corn futures topped out near chart resistance (Dec-5.85; Mar-5.90). Soybeans and meal futures backed off after approaching yesterday’s highs which didn’t hold up. KC and Chicago wheat made new contract highs before selling off with the rest of the corn and soy complex.
December LC broke above its sideways channel; February LC gapped higher and made the highest close since September 1. Beyond the soon-to-expire November FC contract, feeder futures closed strongly higher on a late-morning rally. LC futures were supported by a stronger cash fed market and a strong weekly export sales report. USDA net sales of 25,5000 MT, up 23% from the previous week; China bought more than half – 13,800 MT. USDA reported that cash trading has picked up with prices $1-3/cwt higher live ($133-134) and $3/cwt higher dressed ($210/cwt). Choice beef fell 2.31 to 276.16 and Select slipped .90 to 263.16. Packers are sharing more of their margin given the tight market-ready cattle supplies.
The monthly Cattle on Feed report comes out tomorrow afternoon. Traders expect October placements up 2.2% Yr/Yr and November 1st inventory down 0.2% Yr/Yr.
Lean hog futures were slightly higher except for December LH’s $1.07 loss. December LH was pressured by weaker cash hog prices even as pork values soared. FOB Plant Pork rose by 5.17 to 89.69; this was far below the morning quote of 97.10. Ham value ended up 22.51 at 88.81 versus up 30.77 in the morning. Bellies ended down 2.28 at 118.84 compared to 153.31 in the morning. Pork movement remained strong at 371 loads.
US$ -.3% 95.54
Dow -60 35871
SP +16 4705
NAS +72 15994
Tran -53 16497
VIX +.36 17.47
WTI +77 7832
Brent +82 8110
Gas +1 230
NG +9 490
HO +2 238
Eth unch 221
Gold -10 1861
Slvr -31 2485
2-yr -.002 0.502%
5-yr -.018 1.220%
10yr -.017 1.587%
30yr -.024 1.973%
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