Market Update – November 18, 2013

CBOT futures are trading mixed.  Corn futures are lower for the 5th day in a row, challenging some chart support areas. Soybeans are higher on a slight correction to Friday’s huge losses. Soybean price strength is originating in soybean meal futures with soybean oil prices weighing it down. USDA reported better-than-expected export shipments for last week.  Wheat futures are little changed as sellers are not willing to push prices through nearby chart support. World supplies are growing as the southern hemisphere harvests progress. U.S. winter wheat that’s emerged is in very good shape.

Remember that the large funds are short corn and CBOT wheat, but long soybean futures.  Last Friday’s CFTC report for trade ending last Tuesday showed that the short corn and wheat positions had been trimmed some.

Live Cattle futures are off slightly as traders wait to see where boxed beef values get established after seeing weakness last week.  Packers are operating at a loss.

Lean Hog futures are down slightly and have cut losses as traders learn of higher Pork Cutout values.  Growing pork supplies are a concern thanks to higher average slaughter weights.

Corn Dec -6 416; Jly -5 440; Dec14 -5 455
Bean Jan +6 1286; Jly +9 1254; Nov +3 1157
Meal Dec +3 413; Jly +5 389
Oil -22 4025
Wheat Dec -1 643; JLy -2 653
KC -2 696; MGE unch 697
Oats unch 343
Rice +4 1580

LC Dec -35 13305; Apr -22 13480
FC Nov -7 16507; Apr +35 16630
LH Dec -12 8577; Apr unch 9245
Milk Nov -1 1881; Dec -11 1787

US$ -.2%

Dow +.2%
SP steady
NAS -.1%
Tran +.2%
VIX +3.8% 12.65

WTI +.1%
Brent -.1%
Gas -.1%
NG +.2%
HO -.4%
Eth +1.9%

Gold -1%
Slvr -1.8%

5-yr -.03 1.32%
10yr -.03 2.67%
30yr -.03 3.77%


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