Market Closes - July 14, 2020

Posted on Jul 14, 2020

Corn Sep -3 326 (326-32); Dec -3 334 (333-39)

Bean Aug +4 878 (873-82); Nov +2 877 (874-83)

  Meal +1 285 (285-87)

   Oil +38 2846

Wheat Sep +2 527 (523-33); Dec +1 533; Jly21 +1 538

  KC Sep -7 442; MGE +1 520  

Oats -5 271

Rice +4 1201

 

LC Aug -85 9880; Oct -110 10310; Dec -122 10715

FC Aug -32 13672; Oct -82 13870; Jan -95 13955

LH Jly +12 4680; Aug -135 4992; Dec -65 5122

Milk Jly unch 2434; Aug -58 2282; Sep -62 2009

CBOT futures closed narrowly mixed with late selling knocking prices down. Corn futures finished at/near the day’s lows as heavy selling hit the market during the last 15 minutes of trading. Traders ignored a record-large corn export sale to China for 20/21, suggesting corn may see more pressure this week. Today’s record sale of 1.76 MMT adds to the July 10th sale of 1.365 MMT. The spec funds were huge sellers Monday, adding to their large short position. Soybean futures showed strength overnight and again into late morning, but also sold off in the last 20 minutes. Soybean meal only managed small gains and closed well below the day’s highs. A strong rally in soybean oil futures supported beans. Chicago and KC wheat went in different directions today with KC ending on the daily lows. For both it was a poor close.

Cattle futures closed lower in a wide range. Futures opened slightly lower but set most of the day’s highs within 10 minutes and then proceeded to weaken until the last hour. Today’s weakness appears tied to follow-through selling from Monday’s very weak closes in LC futures. Feeder futures reversed the strong gains made yesterday on the big drop in corn futures. LC also weighed by lower boxed beef prices. Choice beef fell 2.34 to 200.92 and Select slid 1.03 to 190.85. USDA reported cash trade as moderate with mostly steady live prices of $95-96/cwt. Dressed prices were not reported. Formula purchases averaged 882 pounds and $154.30/cwt.

Lean hog futures closed widely mixed with the August LH contract losing the most at $1.35/cwt to $49.92. Today appeared to be a consolidation day as today’s range was inside Monday’s and futures closed back near Friday’s closes. As pork production picks up, the pork cutout is trending lower, after a short-term top of 68.95 on Friday. FOB Plant Pork lost 1.28 to 66.24 . Ribs rose 4.5%. Ham value slipped nearly 10% to 52.66; loins, butts and picnic value dropped 2-3%.

US$ -.3% 96.3

Dow +557 26643

SP +42 3198

NAS +98 10489

Tran +159 9465

  VIX -2.65 29.54

 

WTI +39 4071

Brent +32 4304

Gas -2 126

NG +1 175

HO unch 122

Eth -10 123

Gold -2 1812

Slvr -25 1946

 

2-yr +.002 0.161%

5-yr -.005 0.293%

10yr -.013 0.627%

30yr -.024 1.313%

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