Market Closes – November 25, 2015

CBOT futures closed mixed with soybean oil futures being the STAR player again. December soybean oil is quickly approaching chart resistance at 29.48, the October high. Strength in soyoil (lower palm oil production and planting difficulties in India) and a sizable soybean export sale announcement lifted soybean futures strongly higher. January Soybeans closed right at chart resistance above $8.75. Monday’s bullish key reversal and the large short position by the speculators encouraged short-covering. Friday’s trade will be key. Corn traded in narrow 2-4 cent ranges today; whereas, soybeans traded 14-16 cent ranges. Last week’s ethanol production hit a new record high. EPA is expected to release a final RFS Rule in the coming days that will increase usage.

Working against grain/soy/livestock futures is the rising US Dollar. The US$ Index traded above 100 today, but not quite breaking resistance at the March high of 100.39. Above this level, you have to go back to early 2003 for a stronger US Dollar Index.

Cattle futures closed slightly higher with fairly small trading ranges today that were also inside Tuesday ranges. Firmness in beef values at midday was supportive.  Choice beef closed up .28 at 204.09 and Select gained 1.52 to 193.76. Choice beef was up 1.36 at midday.

Lean hog futures closed with most contracts little changed but the December LH contract gained $1.57 and moved to a new high for this November rally. Technical buying and continued support from the friendly Cold Storage Report lifted the December LH. Pork cutouts were weaker. FOB Plant Pork dropped 1.90 to 71.72 with big losses in values of the picnic, ham and loin. The midday quote was only down 0.81.

Grain and livestock futures markets are closed Thanksgiving Day; on Friday, closes are at Noon CST.

Corn Dec +2 366; Jly +3 383; Dec16 +3 394
Bean Jan +11 875; Jly +12 890; Nov +11 894
Meal Dec +1 285
Oil +58 2889
Wheat Dec -5 479; Jly unch 497
KC unch 457; MGE +5 514
Oats Dec -5 244; Mar +2 237
Rice -6 1213

LC Dec +70 13095; Apr +85 13395; Jun +65 12505
FC Jan +30 16497; Apr +10 16467; Aug +40 16682
LH Dec +157 5880; Feb +57 5807; Apr -15 6250
Milk Dec +9 1458; Jan -1 1437

 

US$  +.2%
Dow +1 17813
SP steady 2089
NAS +13 5116
Tran -3 8172
VIX -.81 15.12 -5%

WTI +33 4320
Brent +12 4624
Gas +1 140
NG unch 220
HO unch 140
Eth -2 148
Gold -3 1070
Slvr unch 1415

2-yr unch 0.934%
5-yr -.006 1.665%
10yr -.011 2.232%
30yr -.012 2.994%

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