Market Closes - August 6, 2020
Posted on Aug 6, 2020Corn 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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