Market Closes - August 11, 2020
Posted on Aug 11, 2020Corn 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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