Market Closes - July 15, 2020

Posted on Jul 15, 2020

Corn Sep unch 326 (323-29); Dec unch 334 (330-36)

Bean Aug +8 886 (877-87); Nov +5 883 (876-84)

  Meal +1 286 (284-87)

  Oil +34 28880

Wheat Sep +24 551 (527-52); Dec +21 554; Jly21 +15 553

  KC +17 459; MGE +9 528

Oats +5 276

Rice -2 1199

 

LC Aug +250 10130; Oct +145 10455; Dec +102 10817

FC Aug +270 13942; Oct +180 14050; Jan +90 14045

LH Jly +52 4732; Aug +22 5015; Dec -22 5100

Milk Jly -2 2432; Aug -75 limit 2234; Sep -75 1948

CBOT futures closed steady to sharply higher with Chicago wheat up over 20 cents. Wheat rallied on talk that China had purchased U.S. wheat so the funds were covering short positions. Soybean futures closed firmly higher and near the day’s highs. A sizable export sale to China was announced by USDA for 2020/21. Corn traded both sides of unchanged with overnight strength and lows early this morning before recovering to unchanged. Corn remains in a weather market but so far the weather doesn’t seem to have hurt the crop much. The spec funds still have a huge short position and are hoping for more valuable rain in the right areas. Traders will examine tomorrow morning’s USDA Weekly Export Sales report.

Cattle futures closed slightly higher in deferred contracts to sharply higher in the nearby contracts. Analysts credit strong cash feeder cattle prices for leading FC futures and LC higher. Adding support was early week fed cattle price gains and technically bullish price action today. The August LC closed at its highest price in four months. A break above $102.00 could open the gate to much higher prices. Choice beef slipped .16 to 200.76 and Select rose .52 to 191.37.

Except for nearby July and August, lean hog futures closed slightly lower in narrow range trading. LH gains were limited by recent weakness in pork values, but the cutout recovered sharply today. Concern about large market-ready hog supplies overhangs this market. FOB Plant Pork soared 2.71 to 68.95; the morning quote was up 5.76 to 72.00. The primal cuts had widely varied price moves. Loin and rib values fell 3%. Ham value jumped over 23% and picnics rose nearly 6%.

US$ -.1% 96.0

Dow +228 26871

SP +29 3227

NAS +62 10550

Tran +272 9737

  VIX -1.69  27.83

 

WTI +65 4120

Brent + 73 4363

Gas +1 126

NG +4 179

HO +2 124

Eth -6 117

Gold unch 1813

Slvr +26 1971

 

2-yr unch 0.155%

5-yr +.005 0.287%

10yr +.018 0.632%

30yr +.032 1.333%

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