Market Closes - August 18, 2020

Posted on Aug 18, 2020

Corn Sep -4 327 (326-32); Dec -3 342 (340-46)

Bean Sep unch 912 (908-15); Nov -1 914 (910-17)

  Meal Sep -2 296 (295-99)

  Oil +28 3158

Wheat Sep -9 507 (503-17); Dec -9 517; Jly -6 534

  KC -7 430; MGE +2 507

Oats -1 272

Rice -5 1192

 

LC Aug -17 10672; Oct unch 10987; Feb +50 11560

FC Aug +50 14322; Oct +117 14637; Jan +102 14445

LH Oct -210 5142; Dec -177 5317; Feb -97 6112

Milk Aug -1 1984; Sep -44 1596
 

CBOT futures closed mostly lower to near steady after Monday’s strong rally. Selling pressure may have come from the limited decline in USDA’s crop ratings yesterday and positive findings on the ProFarmer Crop Tour for South Dakota and Ohio. The weather outlook has moderated some as well. The high pod counts in SD and OH will need another good rain to turn those into high yields. The spec funds were sellers of corn and beans. Futures were pressured despite USDA announcing corn and soybean export sales. Futures opened near steady Monday evening, hit highs after 8:30 am reopening before returning to daily lows around noon. Soybeans bounced more than corn did off those lows to settle mid-range. Wheat was weighed down by corn and soybeans, ignoring the weakness in the US Dollar as it made a new low for this down move during COVID-related monetary easing. US$ Index peaked at 103, so it’s down over 10 percent. The last major low was in February 2018 at 88.25. During the 2008 Great Recession, the US$ bottomed below 71.
 

Live cattle closed mixed while feeder futures posted all gains. Feeders recovered from Monday’s weakness as corn futures moved lower. Live cattle futures couldn’t rally on the strong fundamentals of today – higher cash fed prices and boxed beef. Boxed beef values rose strongly with Choice up 3.60 to 220.86 and Select up 2.71 at 204.65. Cash trading was moderate in Kansas, mostly at $106/cwt and as high as $108/cwt. Dressed prices not established. Formula purchases averaged 889 pounds and $163.46/cwt.
 

Lean hog futures closed lower with the nearby October and December LH hit the hardest. Weakness was tied to the cutout’s failure to strengthen and from technical selling. October and December LH erased the gains made the previous 3 trading days.  FOB Plant Pork ended down .49 at 74.06. Ham value fell about 8% and bellies lost nearly 2%. Other cuts were higher in value.

 

US$ -.57 92.28  Lowest since April 2018

Dow -67 27778

SP +8 3390 – new record high

NAS +81 11211 – new record high

Tran -88 10865

  VIX +.16 21.51

 

WTI -41 4276

Brent -34 4503

Gas -1 126

NG +7 241

HO +1 125

Eth -2 129

Gold +14 1999

Slvr +11 2778

 

2-yr -.006 0.145%

5-yr -.008 0.277%

10yr -.014 0.669%

30yr -.026 1.398%

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