Market Closes - August 31, 2020
Posted on Aug 31, 2020Corn Sep +2 348; Dec -1 358 (356-64); Mar -2 367
Bean Sep +1 951; Nov +3 953 (952-67); Mar +3 960
Meal Oct +3 307 (305-09)
Oil -37 3273
Wheat Sep +5 544; Dec +3 552(547-60); Jly +3 564
KC +3 475; MGE unch 539
Oats +7 275
Rice +8 1235
LC Aug +127 10450; Oct +40 10530; Feb +47 11232
FC Sep +27 14030; Nov +77 14137; Jan +52 13917
LH Oct -5 5360; Dec -7 5512; Feb -40 6157
Milk Sep +5 1574; Oct +20 1784
CBOT futures closed mostly higher but nearer the day’s lows than the highs. CBOT futures were stronger overnight on ideas that weekend weather was disappointing and crop ratings would drop Monday afternoon. But once markets reopened at 830 am CDT, futures moved lower. Corn was especially disappointing in that it closed 1-2 cents lower after December traded above the July highs. Also, traders ignored a huge daily corn sale to China. However, USDA didn’t have any sales to offer soybean bulls. November soybeans traded to levels last seen on January 15, and only 20-25 cents from the November contract high. During August, the November contract rallied a dollar/bushel. Will China buy enough to keep prices up here? The spec funds have trimmed their corn short position and may be less aggressive to cover completely given the crop is still expected to be huge.
U.S Crop Progress
Corn is 63% dented vs 44% last week and 56% 5-yr avg
Corn is 12% mature vs 5% last week and 10% 5-yr avg.
Soybeans are 8% dropping leaves vs 4% last week and 8% 5-yr avg.
SPRING Wheat Harvest
69% harvested, compared to 77% 5-yr avg.
U.S Crop Conditions
Crop Good/Exc Poor/V.Poor
( )change from last week
Corn 62%(-2) 14%(+2)
Soybean 66%(-3) 10%(+2)
Pasture 22%(-2) 46%(+4)
LC Aug +127 10450; Oct +40 10530; Feb +47 11232
FC Sep +27 14030; Nov +77 14137; Jan +52 13917
LH Oct -5 5360; Dec -7 5512; Feb -40 6157
Beyond the expiring August Live Cattle contract, cattle futures posted small gains in bouncing back from last week’s lower market. Cattle were pressured by lower Choice beef values and a big beef production week. Choice beef lost 1.45 to 227.95 and Select gained .46 to 215.32. The Choice/Select spread has narrowed to 12.63. Technically, feeder cattle futures posted bullish reversals. Cash trade is not established today. Last week’s pricing was mostly $105 live and $167 dressed.
Lean hog futures closed slightly lower and well below the day’s highs. Those highs came in the morning when the pork cutout was soaring, maybe due to export business. After being up 5.10 in the morning report, FOB Plant pork closed up 1.23 at 72.62. Hog futures will be challenged by rising pork production – up 1.7% week/week and up 9.5% year/year.
US$ -.1% 92.17
Dow -224 28430
SP -8 3500
NAS +80 11775
Tran -137 11185
VIX +3.45 26.41
WTI -19 4310
Brent -23 4558
Gas -2 122
NG -3 263
HO -2 122
Eth unch 128
Gold unch 1966
Slvr +62 2823
2-yr -.002 0.133%
5-yr -.006 0.269%
10yr -.023 0.706%
30yr -.032 1.476%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments