Market Closes - August 6, 2020

Posted on Aug 6, 2020

Corn Sep unch 311 (309-13); Dec unch 324 (321-25)

Bean Sep -1 875 (872-80); Nov -1 878 (875-84)

  Meal -1 283 (283-85)

  Oil +12 3122

Wheat Sep -9 501 (501-15); Dec -9 508; Jly -8 525

  KC -9 417; MGE -5 496

Oats unch 274

Rice -20 1148

 

LC Aug +32 10262; Oct -47 10697; Dec -70 11095

FC Aug -132 14347; Oct -52 14677; Jan -77 14425

LH Aug +30 4975; Oct -10 4920; Dec +2 5150

Milk Sep -9 1691; Oct -20 1714

CBOT futures closed steady to mostly lower on lack of supportive news. Soybean meal futures broke to new contract lows, weighing on the soybean market. Weather remains mostly favorable for corn and soybeans, while export demand isn’t doing much. A small soybean sale to China was announced. Wheat futures closed sharply lower with most contracts making new contract lows. Wheat was pressured by fund selling and export business going to competitors. The good news is that corn has now closed above Tuesday’s sharply lower closes for two straight days. That chart support is critical to keep December corn from heading towards $3.10.

Except for the August LC contract, cattle futures closed lower. In addition, today’s reversal price action looks bearish, after setting new highs for this months-long rally off the April lows. This morning’s low weekly beef export sales number weighed on the market. But this week’s firmer fed cattle market and boxed beef limited the losses, and actually lifted the August LC to a higher close. Choice ended up 1.09 at 204.66 and Select gained 1.19 to 192.01. Formula purchases averaged 878 pounds at $159.51/cwt.

Lean hog futures close very narrowly mixed with 50-75 cent ranges. LH futures were pressured by weaker weekly pork export sales (-23% week/week), but supported by strong hog and pork markets. FOB Plant Pork closed up 3.76 at 70.80 with ham value up 19%, butt value up 9% and belly value up 6%. This cutout value was quoted up 4.93 in the morning.

US$ steady 92.78

Dow +185 27387

SP +21 3349

NAS +110 11108

Tran +116 10331

  VIX -.34  22.65

 

WTI -25 4218

Brent -6 4511

Gas +1 123

NG -4 215

HO -1 125

Eth +5 116

Gold +27 2058 – UP 16% since July 1

Slvr +211 2900 – UP 56% since July 1

 

2-yr  unch 0.117%

5-yr -.006 0.212%

10yr -.007 0.536%

30yr -.020 1.199%

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