Market Closes - August 17, 2020
Posted on Aug 17, 2020Corn Sep +6 331 (326-31); Dec +7 345 (340-45)
Bean Sep +15 912 (899-915); Nov +16 915 (901-17)
Meal +6 298 (292-299)
Oil +24 3130
Wheat Sep +16 516 (500-17); Dec +17 526; Jly +15 540
KC +12 437; MGE +7 505
Oats +9 273
Rice +8 1197
LC Aug -70 10690; Oct -35 10987; Dec -25 11257
FC Aug -120 14272; Oct -222 14520; Jan -180 14342
LH Oct +50 5352; Dec +32 5495; Feb +20 6210
Milk Aug -4 1985; Sep -43 1645
CBOT futures closed sharply higher and near the day’s highs. Corn and soybeans gapped higher Sunday evening and never looked back as the bulls had a big appetite. No major news was in the market. Traders expected tonight’s USDA crop condition reports to slip due to the derecho last week and some dry areas. For the first day in several, USDA didn’t have a daily soybean export sale to China. USDA did show both corn and soybeans lost 2 points in the good/excellent category. Tonight’s NWS CPC’s 6-10 day and 8-14 day maps indicate warmer and drier than normal weather
U.S Crop Progress
Corn is 76% in dough vs 59% last week and 69% 5-yr avg.
Corn is 23% dented vs 11% last week and 24% 5-yr avg.
Soybeans are 84% setting pods vs 75% last week and 79% 5-yr avg.
Winter Wheat Harvest
93% harvested, compared to 96% 5-yr avg.
U.S Crop Conditions
Crop Good/Exc Poor/V.Poor
( )change from last week
Corn 69%(-2) 10%(+2)
Soybean 72%(-2) 7%(+2)
Pasture 32%(-2) 35%(+4)
LC Aug -70 10690; Oct -35 10987; Dec -25 11257
FC Aug -120 14272; Oct -222 14520; Jan -180 14342
LH Oct +50 5352; Dec +32 5495; Feb +20 6210
Cattle futures closed lower with feeder futures dropping the most as higher CBOT added pressure. Cattle opened firmer on last week’s strength in the Live Cattle futures and cash markets as well as boxed beef. Even as boxed beef further strengthened today, cattle futures turned south after 11 am CT. Futures’ premium to cash and a large speculative long position in LC, spurred long liquidation and profit-taking. Choice beef surged 3.02 to 217.26 and Select gained 2.65 to 201.94. Negotiated cash trading has been too light for a trend. Last week, live cattle ranged $104-107 live and $165-170 dressed. Today, formula cattle averaged 873 pounds and $160.91/cwt. Beef production last week was up 1% from the previous week as the average dressed weight slipped one pound to 834 pounds, which is 20 pounds heavier than a year ago.
Lean hog futures managed small gains at the close. LH was supported by a strong pork market in the morning and from follow-through buying to last week’s late rally. FOB Plant Pork dropped .38 to 74.55. Ham and picnic values fell around 5% and belly value rose 7%. Pork production last week was up .84% week/week and up 4.46% year/year. The average carcass weighed 211.0 pounds, down 1.0 pounds week/week and up 3.0 pounds year/year. The national base hog carcass price is over 29% below the year-ago price.
Young chicken production (RTC) of 789.5 million pounds is 4.3% below year-ago, but the National Composite Whole Bird price of 66.50 cents/lb is over 19% below the year-ago price.
US$ -.3% 92.81
Dow -86 27845
SP +9 3382
NAS +110 11130
Tran -7 10953
VIX -.70 21.35
WTI +77 4308
Brent +51 4531
Gas +3 127
NG -1 234
HO +1 124
Eth +3 131
Gold +39 1976
Slvr +151 2760
2-yr +.002 0.151%
5-yr -.009 0.290%
10yr -.021 0.688%
30yr -.008 1.433%
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