Market Closes - August 24, 2020

Posted on Aug 24, 2020

Corn Sep +5 332 (327-32); Dec +4 345 (341-45)

Bean Sep -1 900 (897-908); Nov +1 906 (901-12)

  Meal Sep -1 289 (288-92)

  Oil +25 3166

Wheat Sep -6 521 (516-33); Dec -7 528; Jly -5 542

  KC -10 435; MGE -9 505

Oats +5 274

Rice -4 1226

 

LC Aug -22 10557; Oct -62 10792; Feb -115 11347

FC Aug -92 14200; Oct -245 14282; Jan -125 14217

LH Oct +35 5460; Dec +15 5560; Feb unch 6187

Milk Sep +75 limit 1588; Oct +62 1695

CBOT futures closed widely mixed to start the week. Corn closed strongly higher on short-covering as the ProFarmer yield estimate is well short of USDA’s last number. Support also came from uncertain rainfall this week, declining crop condition ratings and a lack of export sales to China. Technically, corn futures are up against chart resistance at last week’s highs. With a 5-point decrease in the good/excellent rating tonight, corn may be able to break through to the upside. Soybean futures couldn’t hold its overnight rally as USDA failed to announce any sales to China. Added pressure came from the weak soybean meal market which has now closed lower for 5 straight trading days. Wheat futures had significant losses by day’s end. Wheat followed bean higher overnight but headed south when trading reopened at 830 am CT. Today’s losses may have resulted from profit-taking after wheat has rallied strongly the past two weeks. The funds were heavy sellers. Chicago held up better than KC or MGEX, maintaining uptrends on the charts. KC and MGEX charts look negative.

U.S Crop Progress
Corn is 88% in dough vs 76% last week and 82% 5-yr avg.
Corn is 44% dented vs 23% last week and 39% 5-yr avg

Soybeans are 92% setting pods vs 84% last week and 87% 5-yr avg.

SPRING Wheat Harvest
     49% harvested, compared to 62% 5-yr avg.

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
    (  )change from last week
Corn         64%(-5)  12%(+2)
Soybean   69%(-3)    8%(+1)
Pasture     24%(-8)  42%(+7)

LC Aug -22 10557; Oct -62 10792; Feb -115 11347

FC Aug -92 14200; Oct -245 14282; Jan -125 14217

LH Oct +35 5460; Dec +15 5560; Feb unch 6187

Cattle futures closed lower following last Friday afternoon’s bearish Cattle on Feed Report which showed surprisingly large July placements. This led to the largest August 1 on-feed inventory since this report began. Choice beef gained 1.53 to 227.47 and Select ended up 2.26 at 211.25. Negotiated cash trading has not established price levels. Last week, live prices ranged $106-109 live and mostly $169 dressed. Formula purchases averaged 884 pounds and $167.37.

Lean hog futures closed narrowly mixed but closer to the day’s lows. Fundamental news was generally positive with additional good news in the afternoon Cold Storage report. FOB Plant Pork closed up 1.06 at 74.57 as ham value jumped 11 percent, belly value rose nearly 3 percent and loins dropped 4 percent. Market reports indicate China imported a record amount of pork in July. Despite high U.S. pork production, the Cold Storage report showed July 31 pork stocks steady with June, but 25 percent below a year earlier, and a 10-year low for July 31. Pork belly stocks were 20 percent below year earlier stocks.  

 

US$ +.1% 93.30

Dow +378 28308

SP +34 3431

NAS +68 11380

Tran +208 11149

  VIX -.17 22.37

 

WTI +28 4262

Brent +78 4513

Gas +8 137

NG +6 251

HO +4 125

Eth unch 128

Gold -7 1928

Slvr -12 2661

 

2-yr +.008 0.155%

5-yr +.012 0.284%

10yr +.016 0.656%

30yr +.007 1.360%

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