Afternoon Market Highlights
11/22/2019 3:33:53 PM
- Crop Progress will be released Monday at 3:00 PM Central. Monday’s report will not be the last report, as harvest delays will keep the report running longer than expected.
- First notice day for December grains, soymeal, and soyoil is on November 29th. Longs should exit their position by the close on November 27th to avoid risking delivery.
- The Cattle on Feed report showed on feed at 101.0% versus estimates of 101.2%, placed at 111.4% versus estimates of 110.0% and marketed at 99.0% versus estimates of 99.7%.
Corn traded in a narrow range today on modest volume as the trade wound down for the weekend. The biggest focus of the day was option expiration, and first notice day coming quickly next week. Harvest is estimated to be between 85% to 95% complete on Monday’s report. For the week, December corn fell 2 ½ cents.
- CFTC COT report showed speculators sellers of 11,752 contracts, bringing them to a net short of 159,842 contracts.
- Closes: December at $3.68 ¾ up ¼; March at 3.78 ½ down ½; May at $3.83 ¾ down ½; July at $3.88 ¾ down 1 ¼.
- Spreads: Z/H 9 ¾ cent carry; H/K 5 cent carry; K/N 5 cent carry; Z/N 20 cent carry.
Soybeans were weaker today, busting through January’s psychological support level of $9.00 and closing at $8.97. For the week, January soybeans were down 21 ¼ cents.
- CFTC COT report showed speculators sellers of 6,257 contracts, bringing them to a net short of 6,305 contracts.
- Closes: January at $8.97 down 4; March at $9.11 ¼ down 4; May at $9.25 down 3 ½; July at $9.37 down 3 ¼.
- Spreads: F/H 14 ¼ cent carry; H/K 13 ¾ cent carry; K/N 11 ¾ cent carry; F/N 39 ½ cent carry.
The wheat markets were mixed today, with Chicago wheat bringing out the rally pants. Kansas City was willing to follow the lead, but Minneapolis shrugged off the enthusiasm as the December contract low of $4.86 ½ is creeping closer and closer. For the week, December Chicago was up 12 ½ cents, December Kansas City was up 7 ¾, and December Minneapolis was down 10 ½.
- Jordan tendered for 120,000 tonnes of milling wheat from optional origins. The deadline for the tender is November 27th.
- CFTC COT report showed speculators buyers of 8,123 contracts of Chicago bringing them to a net short of 25,929 contracts, sellers of 16,652 contracts of Kansas City wheat bringing them to a net short of 22,613 contracts, and sellers of 2,418 contracts of Minneapolis wheat bringing them to a net short of 13,988 contracts.
- December closes: Chicago at $5.15 ¼ up 6 ¼; Kansas City at $4.24 ¾ up 3 ¾; Minneapolis at $4.93 ¼ down 2 ½.
- Spreads: Chicago Z/H 3 ½ cent carry; Kansas City Z/H 9 ¼ cent carry; Minneapolis Z/H 14 cent carry.