Afternoon Market Highlights
11/19/2019 3:48:09 PM
- In honor of Thanksgiving next week, the markets will cease trading on Wednesday at the regular time and resume on Friday at 8:30 AM Central before observing an early close at 12:15 Central.
- Last trading day for November feeder cattle futures and options is on Thursday, November 21st and December grain and oilseed options expire on Friday, November 22nd.
- The next Cattle on Feed report will be released on Friday, November 22nd at 2:00 PM Central. Early estimates look for 101.4% on feed, 112.2% placed, and 99.6% marketed.
Corn traded higher today on turn around Tuesday, bouncing off of yesterdays losses. There has been little in the way of fresh supportive news, as the market doesn’t seem overly worried by the slow harvest progress.
- The USDA reported a flash sale this morning of 191,000 metric tonnes of corn for delivery to unknown during the 2019/2020 marketing year.
- South Korea purchased 60,000 tonnes of corn for $208.69 a tonne, which included a surcharge for additional port unloading. The corn is likely Ukrainian.
- Closes: December at $3.70 up 2 ¼; March at $3.80 ¾ up 3 ½; May at $3.86 ¾ up 3 ¾; July at $3.92 ½ up 3 ¾.
- Spreads: Z/H 10 ¾ cent carry; H/K 5 ¾ cent carry; K/N 5 ¾ cent carry; Z/N 22 ¼ cent carry.
Soybeans had traded higher for much of the day session but backed off of their highs after more comments from President Trump regarding the U.S. China trade situation. Trump said that if the U.S. doesn’t make a deal with China, then he’ll just raise the tariffs even higher.
- December soy meal was up $0.80 at $302.00 per ton and December soyoil was up 0.32 at 30.96 cents per pound.
- Closes: January at $9.11 ½ up 1 ¼; March at $9.24 ½ up 1 ½; May at $9.36 ¾ up 1 ¾; July at $9.47 ¾ up 2.
- Spreads: F/H 13 cent carry; H/K 12 ¼ cent carry; K/N 11 cent carry; F/N 36 cent carry.
The winter wheat markets were stronger today while spring wheat continues to lag behind. Chicago December wheat is now trading at a premium to the Minneapolis December. The winter wheat markets are drawing strength from declining crop conditions, as well as dwindling deliverable stocks in Chicago.
- Tunisia bought an estimated 75,000 tonnes of soft milling wheat for approximately $227.72 to $228.70 per tonne from optional origins.
- Japan is tendering for 119,998 tonnes of food wheat. The tender includes 14,410 tonnes of U.S. Western White, 20,565 tonnes of U.S. Hard Red Winter, and 30,393 tonnes of U.S. Dark Northern Spring.
- December closes: Chicago at $5.12 up 4 ¾; Kansas City at $4.26 up 7 ½; Minneapolis at $5.02 ¾ unchanged.
- Spreads: Chicago Z/H 3 cent carry; Kansas City Z/H 6 cent carry; Minneapolis Z/H 15 cent carry.