Market Closes – November 17, 2015

For a second day, corn and soybeans gained while wheat futures dropped. Although a stronger US Dollar and weaker energy futures weighed on prices, corn and soybeans rallied due to Monday’s bullish reversal off low levels and fund buying (reducing short positions slightly). Slow country sales due to farmers resisting the current low prices is supportive as most traders think farmers will not move grain until 2016. Wheat futures dropped on fund selling and generally bearish supply-demand fundamentals.

Cattle futures closed higher today after breaking lower early this morning in follow-through selling from Monday’s limit-down losses. Many contracts set new contract lows before recovering after the technical selling ended. Expect cattle futures to remain volatile with uncertainty about where the cash fed market will trade on a week-to-week basis. Boxed beef values were mixed today — Choice dropped .67 to 208.37 and Select gained .94 to 197.93/cwt. At midday, Choice was up .19 and Select was up 1.55. The monthly Cattle on Feed Report comes out Friday afternoon.

Lean Hog futures closed strongly higher, reversing much of Monday’s limit-down losses. The turnaround in cattle futures probably played a part in this. The pork market wasn’t any help as FOB Plant Pork fell 2.66 to 72.03 on sharp losses in the value of bellies and picnics.

Corn Dec +2 362 (358-62); Jly unch 378; Dec16 unch 390
Bean Jan +4 864 (858-65); Jly +4 876; Nov +2 882
Meal unch 289
Oil +18 2747
Wheat Dec -6 487; Jly -7 493 (491-500)
KC -4 463; MGE -3 502
Oats +3 238
Rice +22 1206

LC Dec +35 12802 (low 12550); Feb +92 13057; Apr +127 13082
FC Nov +117 17347; Jan +120 16130; Apr +200 16065
LH Dec +237 5417; Feb +232 5637; Apr +197 6130
Milk Nov -3 1537; Dec -7 1475

 

US$ +.3%
Dow +6 17490
SP -3 2050
NAS +1 4986
Tran +6 8058
VIX +.68 18.84

WTI -62 4112
Brent -57 4399
Gas +1 125
NG -1 237
HO unch 138
Eth unch 146
Gold -14 1069
Slvr -8 1414

2-yr +.008 0.859%
5-yr +.005 1.657%
10yr -.006 2.267%
30yr -.018 3.054%

Lexington Auction
Weighted Average Report for 11/16/2015
Receipts: 1223 Last Week: 1653 Year Ago: 1151
Compared to last week steer calves sold mostly 10.00 lower early and sharply lower late with very light demand. Heifer calves sold sharply lower with very light demand. Bearish CME cattle futures continue to cause concern for buyers trading down the limit again today. Yearlings limited comparison. Quality was plain through good. Slaughter cows sold 2.00 to 3.00 lower with light demand. Slaughter bulls sold 3.00 to 5.00 lower with light demand.

Tagged Post Topics Include: ,

Leave a Reply

Your email address will not be published. Required fields are marked *