Market Closes - August 11, 2020

Posted on Aug 11, 2020

Corn Sep +1 311 (310-15); Dec unch 323 (322-27)

Bean Sep unch 870 (868-74); Nov unch 873 (870-77)

  Meal unch 284 (284-87)

  Oil -11 3062

Wheat Sep +4 495 (490-99); Dec +4 504; Jly +3 520

  KC +3 417; MGE +2 493

Oats -6 264

Rice -3 1168

 

LC Aug +105 10465; Oct +115 10830; Dec +70 11167

FC Aug +92 14450; Oct +105 14762; Jan +100 14565

LH Aug -5 5307; Oct -200 5182; Dec -140 5330

Milk Aug -4 1939; Sep +7 1631

CBOT futures ended mostly steady to slightly higher, with settlements well off the day’s highs. Corn made its highs soon after the 830 am opening and headed lower, only to close near the day’s lows. The extensive crop damage from the derecho’s high winds yesterday may have spurred early buying, but it’s too early to have a good measure of actual crop losses. The reality of tomorrow’s USDA crop reports expected to show higher yields and larger crops compared to July’s report weighed on futures.

Cattle futures closed strongly higher with support from a steady/firm cash market and higher boxed beef values. Choice beef ended up .88 at 208.08 and Select gained 1.09 to 195.02. The August LC contract broke above the double-top chart resistance just below $104. Live cattle traded $103-105/cwt with dressed prices averaging $164-165/cwt. Formula purchases averaged 876 pounds at $160.32/cwt.

Lean hog futures closed sharply lower except for the nearby August LH contract. These declines erased a good share of Monday’s sharp gains. Today’s weakness may have resulted from weaker cash hog prices and from yesterday’s sharp reversal in the pork cutout value. Ironically, the cutout again was up sharply in the morning, only to fade by the afternoon. While FOB Plant Pork was up 5.02 in the morning quote, ended the day only up .32 at 70.39.

US$ steady 93.66

Dow -105 27687

SP -27 3334

NAS -186 10783

Tran +25 10890

  VIX +2.29 24.42

 

WTI -30 4187

Brent -49 4450

Gas -2 120

NG +2 217

HO unch 124

Eth +4 122

Gold -92 1933  Big loss

Slvr -321 2605   Bigger loss!

 

Big jump in Treasury rates.
2-yr +.022 0.153%

5-yr +.043 0.277%

10yr +.066 0.640%

30yr +.083 1.330%

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