Market Closes - August 20, 2020

Posted on Aug 20, 2020

Corn Sep unch 324 (321-26); Dec unch 339 (335-41)

Bean Sep -9 903 (900-14); Nov -9 905 (902-16)

  Meal Sep -2 294

  Oil -37 3130

Wheat Sep +7 519 (506-20); Dec +6 528; Jly +5 541

  KC +4 441; MGE +3 513

Oats +4 272

Rice +12 1216

 

LC Aug -45 10702; Oct -105 10977; Feb -40 11565

FC Aug -12 14342; Oct -42 12637; Jan -10 14462

LH Oct +262 5517; Dec +227 5585; Feb +100 6215

Milk Aug -24 1960; Sep -45 1508

 

CBOT futures closed widely mixed with wheat being the surprise upside leader. Soybeans may have been pressured by this week’s crop tour that showed above-average pod counts, suggesting great yield potential. However, most agree that a “million dollar” rain is needed for those pods to turn into pounds. NWS outlook maps show above-average rainfall for 6-14 day period. Traders hit bean futures today after settling for little change Tuesday and Wednesday. No daily soybean export sale was announced. Soybean meal has dropped three straight days. Corn futures are also down for three straight days and now sit near last Friday’s closes. Wheat futures broke lower with corn and beans at the 8:30 am opening, but rallied strongly off those lows, especially after 11:30 am. Market reports didn’t identify a good reason for wheat’s strength. But futures are now above the key 20-day moving average and KC/Chgo closed above the early week highs.

ProFarmer will announce tomorrow the net results of their crop tour. USDA will resurvey Iowa to get handle on the crop losses from the high wind.  

Cattle futures closed mostly lower by small amounts. Live cattle futures dipped slightly even as boxed beef continues to strengthen. Choice beef closed up 2.34 at 225.38 and Select gained .66 to 206.31.  The Choice-Select spread is up to 19.07. Cash prices continue to firm up with live prices quoted as high as $110/cwt in the western Corn Belt Dressed prices were mostly $169/cwt with a few up to $174/cwt in Nebraska. Weekly beef export sales were up 13% over the 4-week average. Traders will position tomorrow ahead of the afternoon’s Cattle on Feed Report. It should show large placements in July (up 5.9%) and August 1st inventory up 0.7%.

Lean hog futures closed sharply higher after gapping higher on the open. LH was supported by a positive weekly export sales report and continued strength in the pork cutout. FOB Plant Pork closed at 76.08, up 1.09 from yesterday and compares to 77.52 in the morning quote. Bellies rose about 5% and hams rose over 2%.

US$ -.2% 92.76

Dow +47 27740

SP +11 3386

NAS +118 11265

Tran +11 10894

  VIX +.18 22.72

 

WTI -29 4282

Brent -47 4490

Gas +1 130

NG -7 235

HO unch 125

Eth -2 129

Gold -25 1934

Slvr -19 2715

 

2-yr +.002 0.143%

5-yr -.005 0.272%

10yr -.022 0.653%

30yr -.027 1.388%

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