Afternoon Market Highlights
11/18/2019 4:47:02 PM
- CHS Hedging has a variety of educational opportunities available. To see the class list and to register, please visit www.chshedging.com.
- CHS Pro Advantage sign up ends on December 11th. For more information, please click here.
- Last trading day for November grain and oilseed options is on Friday, November 22nd.
- The next Cattle on Feed report will be released on Friday, November 22nd at 2:00 PM.
Corn traded lower today, drawing on harvest pressure. The market ignored good export inspections in favor of the negative tone set by soybeans concerning the U.S.-China trade war. The corn market seems content to drift choppily lower, as there is not much fresh news to look forward to.
- Export inspections were 637,397 tons, near the upper end of estimates ranging from 400,000 to 700,000 tons.
- Corn harvested was at 76% versus 89% last year and the five-year average of 92%.
- Closes: December at $3.67 ¾ down 3 ½; March at $3.77 ¼ down 3 ½; May at $3.83 down 3 ½; July at $3.88 ¾ down 3 ¾.
- Spreads: Z/H 9 ½ cent carry; H/K 5 ½ cent carry; K/N 5 ¾ cent carry; Z/N 21 cent carry.
Soybeans were weaker on the board today and closed near to the session lows. Weakness in soybeans appears to stem from a lack of positive trade news, as the export inspections were good this morning. Reports this morning stated that Chinese officials were troubled by President Trump’s comments saying that there would be no tariff rollback. The January contract closed below the 100-day moving average of $9.12 ¼.
- Export inspections were 1,532,991 tons, above the upper end of estimates ranging from 1,000,000 to 1,500,000 tons.
- Soybeans harvested were at 91% versus 91% last year and the 5-year average of 95%.
- Closes: January at $9.10 ¼ down 8; March at $9.23 down 7 ¾; May at $9.35 down 7 ¼; July at $9.45 ¾.
- Spreads: F/H 12 ¾ cent carry; H/K 12 ¼ cent carry; K/N 10 ½ cent carry; F/N 35 ½ cent carry.
The winter wheat markets started the day lower before turning higher. Minneapolis wheat lagged behind the winter wheats and closed lower on the day. December Chicago closed above it’s 50-day moving average of $5.01 ½, December Kansas City closed above it’s 50-day moving average of $4.15 ½, and December Minneapolis is well below it’s 20-day moving average of $5.23 ½.
- Export inspections were 449,304 tons, within the estimates ranging from 350,000 to 550,000 tons.
- Winter wheat planting was at 95% versus 92% last year and the 5-year average of 95%. Winter wheat emerged was 83% versus 80% last year and the 5-year average of 86%. Winter wheat condition was 52% good to excellent versus 54% last week and 56% last year.
- Algeria tendered for 50,000 tonnes of optional origin milling wheat, with a tender deadline of Wednesday.
- Tunisia tendered for 92,000 tonnes of soft wheat, 92,000 tonnes of durum, and 50,000 tonnes of feed barley. The tender is for optional origins and closes Tuesday.
- December closes: Chicago at $5.07 ¼ up 4 ½; Kansas City at $4.19 ¼ up 2 ¼; Minneapolis at $5.02 ½ down ½.
- Spreads: Chicago Z/H 3 ¼ cent carry; Kansas City Z/H 7 ½ cent carry; Minneapolis Z/H 15 cent carry.