Market Closes - August 10, 2020

Posted on Aug 10, 2020

Corn Sep +3 310 (307-12); Dec +2 323 (320-24)

Bean Sep +4 870 (863-73); Nov +6 873 (865-76)

  Meal +2 284 (282-86)

  Oil -12 3073

Wheat Sep -4 491 (490-97); Dec -4 500; Jly -4 517

  KC -1 414; MGE -4 491

Oats -4 270

Rice +18 1171

 

LC Aug +80 10360; Oct +70 10715; Dec +90 11097

FC Aug +85 14357; Oct +17 14657; Jan +45 14465

LH Aug +212 5312; Oct +285 5382; Dec +177 5470

Milk Aug +5 1941; Sep +5 1628

CBOT futures closed widely mixed with corn and soybeans posting gains on short-covering ahead of Wednesday’s USDA crop reports. Corn futures reversed Friday’s lower move with the December contract strengthening the importance of chart support at $3.20. Soybean futures traded lower overnight but rallied once the market re-opened at 830 am CT. USDA announced daily soybean sales to China – this is the fourth straight day. Soybeans were also supported by the meal market with most contracts setting new contract lows before closing over $2.00 higher. Today’s rally comes despite traders expecting USDA to raise U.S. average yields for corn and beans. Corn is expected to surpass 180 bushels/acre and soybeans may hit 51.5 bu/acre or better. Wheat futures closed mostly 4 cents lower as world supplies will remain burdensome and some of our competitors’ crops are improving.

There was severe wind damage in Iowa, IL, WI and east of there today. The Weather Channel said it covered 400 miles (so far) and some winds gusted to 112 mph. It’s called a derecho.
 

U.S Crop Progress
Corn is 59% in dough vs 39% last week and 52% 5-yr avg.
Corn is 11% dented vs N/A% last week and 12% 5-yr avg.

Soybeans are 92% blooming vs 85% last week and 89% 5-yr avg.
Soybeans are 75% setting pods vs 59% last week and 68% 5-yr avg.

Winter Wheat Harvest
   90% harvested, compared to 93% 5-yr avg.

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
    (  ) change from last week.
Corn         71%(-1)      8%(+1)
Soybean   74%(+1)      5%(-1)
Pasture     34%(-2)     31%(+1)

 

 

LC Aug +80 10360; Oct +70 10715; Dec +90 11097
FC Aug +85 14357; Oct +17 14657; Jan +45 14465
LH Aug +212 5312; Oct +285 5382; Dec +177 5470

Cattle futures closed higher and near the day’s highs. Cattle were supported by higher beef values and optimism on fed cattle prices. Last week, feds went as high as $103/cwt, USDA quoted the weekly average at $101.28/cwt live and $163.19/cwt dressed. Choice beef gained 1.73 to 207.20 and Select rose 1.18 to 193.93.  Choice-Select spread = 13.27. Formula cattle averaged 890 pounds at $155.93/cwt carcass basis. Last week’s beef production was down 0.6% week/week. Average carcass weight of 835 pounds compares to 813 pounds a year ago.

Lean hog futures closed unchanged to sharply higher with 2020 contract leading the way higher. Today’s gains added to Friday’s big move higher. LH was supported by firm cash hog prices and a sharp rise in the pork markets early today. FOB Plant Pork was up 3.52 in the morning report, but ended down 1.86, or 70.07, in the afternoon report. Ham value fell 9.56 to 48.89, compared to the morning quote of 66.15. Bellies were 122.95 in the morning and 110.64 in the afternoon.

US$ +.2% 93.62

Dow +358 27791

SP +9 3360

NAS -43 10968

Tran +289 10865

  VIX -.08 22.13

 

WTI +70 4219

Brent +55 4495

Gas +3 123

NG -7 217

HO +2 124

Eth +6 118

Gold +11 2021

Slvr +171 2925

 

2-yr +.004 0.131%

5-yr +.008 0.237%

10yr +.018 0.580%

30yr +.027 1.256%

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