Market Closes - August 17, 2020

Posted on Aug 17, 2020

Corn 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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