Afternoon Market Highlights
11/21/2019 3:30:49 PM
- The sign-up deadline for CHS Pro Advantage is on December 11th. For more information, please click here.
- CHS Hedging has a variety of educational opportunities available.For more information and to register, please click here.
- Last trading day for November feeder cattle futures and options is on Thursday, November 21st. Last trading day for December 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 Central. The trade estimates are 101.3% on feed, 112.2% placed, and 99.6% marketed.
Corn closed mostly higher today as it continues to chop around near the $3.70 value on the December contract. Export sales were good this morning, coming in near the upper end of estimates. In contrast, sorghum sales were a net negative for the third time this year.
- Weekly export sales were 788,000, within estimates ranging from 400,000 to 900,000 tonnes.
- The International Grains Council raised their forecast for the global 2019/2020 corn crop by 5 million tonnes to 1.103 billion tonnes.
- The USDA reported a flash sale of 106,000 tonnes of corn for delivery to unknown during the 2019/2020 marketing year.
- Closes: December at $3.68 ½ up 1 ¾; March at $3.79 up 1 ¾; May at $3.84 ¼ up 1 ¼; July at $3.90 up ¾.
- Spreads: Z/H 10 ½ cent carry; H/K 5 ½ cent carry; K/N 5 ½ cent carry; Z/N 21 ½ cent carry.
Soybeans were lower today but did hold above $9.00 on the January contract, setting at daily low of $9.00 ¼. The soybean market continues to be choppy, trading both sides of the board as conflicting headlines regarding U.S.-China relations continue to circulate in the market place.
- Weekly export sales were 1,516,700 tonnes of soybeans, above estimates of 800,000 to 1,400,000 tonnes. Soymeal sales were 196,400, within estimates of 100,000 to 450,000 tonnes and soyoil sales were 39,200 tonnes, above estimates of 5,000 to 25,000 tonnes.
- The Argentine agriculture ministry raised their 2019/2020 soy planting estimate from 17.1 to 17.2 million hectares.
- Closes: January at $9.01 down 4; March at $9.15 ¼ down 3 ¾; May at $9.28 ½ down 3 ½; July at $9.40 ¼ down 3 ½.
- Spreads: F/H 14 ¼ cent carry; H/K 13 ¼ cent carry; K/N 11 ½ cent carry; F/N 38 ¾ cent carry.
The wheat markets were lower across the board today. Minneapolis December broke below $5.00 today and is creeping within sight of the contract lows. The RSI is at 16.6% and anything below 30% can signal the market is oversold. Kansas City December closed below its 100-day moving average of $4.23 ¼ and Chicago December closed below its 20-day moving average of $5.11 ¼.
- Weekly export sales were 437,700 tonnes, within the estimates ranging from 200,000 to 500,000 tonnes.
- The International Grains Council left their wheat production estimate unchanged at 762 million tonnes.
- December closes: Chicago at $5.09 down 6 ½; Kansas City at $4.20 ½ down 5 ½; Minneapolis at $4.95 ¼ down 6.
- Spreads: Chicago Z/H 2 ¾ cent carry; Kansas City Z/H 7 ½ cent carry; Minneapolis Z/H 14 cent carry.