Market Closes - August 19, 2020
Posted on Aug 19, 2020Corn Sep -2 325 (323-27); Dec -2 340 (338-42)
Bean Sep unch 9112 (908-18); Nov unch 914 (910-19)
Meal Sep unch 296 (294-98)
Oil +9 3167
Wheat Sep +4 512 (506-14); Dec +4 522; Jly +2 536
KC +7 437; MGE +3 510
Oats -5 268
Rice +12 1204
LC Aug +75 10747; Oct +95 11082; Feb +45 11605
FC Aug +32 14355; Oct +42 14680; Jan +27 14472
LH Oct +112 5255; Dec +40 5357; Feb +2 6115
Milk Aug -31 1953; Sep -59 1541
CBOT futures closed narrowly mixed with little new info to direct prices. Traders are waiting for better direction on yields which will depend in part on rainfall the balance of August. Today’s NWS CPC outlook maps show cooler and wetter weather in the 8-14 day period. Weakness in corn futures on Tuesday evening closed the upside chart gaps created Sunday evening. China showed up on this morning’s daily soybean export sale report. Wheat futures bounced back from Tuesday’s losses; KC and MGEX outperformed Chicago wheat.
Cattle futures closed mostly higher with higher beef values and steady cash fed cattle. Choice beef closed up 2.18 at 223.04 and Select rose 1.00 to 205.65. Cash fed trading appears to be at steady money with Tuesday, but volume has been very light. Formula purchases averaged 886 pounds and $166.13/cwt.
Lean hog futures closed higher with the October and December LH contracts leading the way since they lost the most yesterday. Fob Plant Pork closed up .93 at 74.99, down from the morning quote of 76.81. A huge 19% gain in ham’s value offset losses in the other cuts. Bellies fell 7%; picnics dropped 7%; and loins lost 4%.
US$ +.90 93.03
Dow -85 27693
SP -15 3375
NAS -64 11146
Tran +18 10883
VIX +1.03 22.54
WTI -16 4296
Brent -24 4522
Gas unch 128
NG +2 243
HO -1 125
Eth +2 131
Gold -61 1939
Slvr -135 2672
2-yr unch 0.145%
5-yr +.009 0.288%
10yr +.016 0.685%
30yr +.027 1.426%
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