Market Closes - July 13, 2020

Posted on Jul 13, 2020

Corn Sep -8 329 (327-34); Dec -8 336 (335-42)

Bean Aug -13 874 (870-85); Nov -15 871-87)

  Meal -8 285 (284-92)

  Oil -14 2808

Wheat Sep -9 525 (522-35); Dec -8 531; Jly21 -1 537

   KC -3 449; MGE -7 519

Oats -11 276

Rice +2 1196

 

LC Aug -35 9965; Oct -37 10420; Dec -2 10837

FC Aug +130 13705; Oct +102 13952; Jan +152 14050

LH Jly +70 4667; Oct +50 5035; Dec +10 5187

Milk Jly +14 2434; Aug +30 2334; Sep +42 2070

Adding to Friday’s sharp losses, CBOT futures closed sharply lower to start the week. The main factor was weekend rains and forecasts for more, thus removing a big portion of weather risk premium. The latest crop rating has corn at 69% good/excellent compared to 71% week ago and 58% last year. Soybean rating is 68% G/Ex compared to 71% week ago and 54% year ago. Futures gapped lower Sunday evening and corn and soybeans never recovered. Wheat futures clawed their way back to positive territory early morning before dropping lower under the pressure of corn and soybean losses. Soybean meal futures are only a few dollars above the contract lows set June 29.

U.S Crop Progress
Corn is 29% silked vs 10% last week and 32% 5-yr avg.
Corn is 3% in dough vs N/A last week and 3% 5-yr avg.

Soybeans are 48% blooming vs 31% last week and 40% 5-yr avg.
Soybeans are 11% setting pods vs 2% last week and 10% 5-yr avg.


Winter Wheat Harvest
   68% harvested, compared to 66% 5-yr avg.

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
Corn            69%         8%
Soybean      68%         7%
Pasture        36%       30%

LC Aug -35 9965; Oct -37 10420; Dec -2 10837

FC Aug +130 13705; Oct +102 13952; Jan +152 14050

LH Jly +70 4667; Oct +50 5035; Dec +10 5187

Live cattle futures ended mixed while feeder cattle made strong gains on top of Friday’s rally. Feeders benefited nicely from the sharp drop at the CBOT and stronger cash feeder markets. Cash live prices strengthened late last week, offering some support. Choice beef dipped 1.24 to 203.26 and Select fell 2.41 to 191.88. The Choice-Select spread is 11.38. The US stock market reversed huge gains from earlier in the day and closed much lower on news that California is shutting down parts of its economy due to COVID-19. This late-day sell-off may hurt livestock futures on Tuesday if we see follow-through selling in equities.

Lean hog futures posted modest gains except the August LH closed up $1.40/cwt. LH was supported by a strong morning pork cutout that was up 3.40 to 72.35. However, that totally reversed by the afternoon. FOB Plant Pork dropped 1.43 to 67.52, weighed down by around 5% losses in the value of ham and ribs. July LH futures at $46.67 compares to last week’s average negotiated hog price of $29.40/cwt and a base carcass price of $49.39.

US$ -.1% 96.57

Dow +10 26085

SP -30 3155  high of 3235, up 50

NAS -227 10391  high of 10825, up 207

Tran -7 9306

  VIX +5.05  32.34  low of 26.9

 

WTI -95 3981

Brent -99 4225

Gas -4 125

NG -7 173

HO -3 122

Eth +1 133

Gold +3 1805

Slvr +68 1966

 

2-yr +.002 0.157%

5-yr -.010 0.288%

10yr -.010 0.623%

30yr -.009 1.317%

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