Market Closes - July 20, 2020

Posted on Jul 20, 2020

Corn Sep -5 328 (326-33); Dec -4 336 (332-40)

Bean Aug +5 903 (897-905); Nov +5 900 (894-902)

  Meal +2 289 (285-89)

  Oil +1 2993

Wheat Sep -13 522 (517-35); Dec -12 529; Jly21 -8 535

  KC -14 435; MGE -6 506

Oats -1 278

Rice -1 1181

 

LC Aug -100 10227; Oct -50 10637; Dec -25 11045

FC Aug -110 14160; Oct -62 14297; Jan -197 14042

LH Aug -240 5040; Oct -187 4920; Dec -107 5120

Milk Jly +6 2432; Aug +75 limit 2324; Sep +75 limit 2073

CBOT futures closed lower except for the soy complex and milk futures. Corn futures erased well over half of last Thursday/Friday’s rally. A lack of new export sales and sufficient rainfall weighed on corn futures. Technically, corn has chart resistance at the price gap created on July 13. Soybean futures closed higher for the fifth straight trading day with the August contract breaking above previous July highs. Soybeans were supported by this morning’s export sale announcement to China. Now it takes aim at the Feb/March highs just above $9.20. New crop soybean contracts fell about a dime short of early July highs. Soybean oil continues to rally, hitting highs not seen in the August contract since early March; however, soybean oil closed poorly near the bottom of the range. Early soybean oil strength came on strong palm oil prices and Chinese rapeseed oil prices. Wheat futures closed sharply lower on weaker EU futures and plentiful supplies as winter wheat harvest reaches 74% complete.

Today’s crop conditions for corn and soybeans are a bit better than the average trade expectation. This may weigh on futures overnight.

U.S Crop Progress
Corn is 59% silked vs 29% last week and 54% 5-yr avg.
Corn is 9% in dough vs3% last week and 7% 5-yr avg.

Soybeans are 64% blooming vs 48% last week and 57% 5-yr avg.
Soybeans are 25% setting pods vs 11% last week and 21% 5-yr avg.

Winter Wheat Harvest
   74% harvested, compared to 75% 5-yr avg.

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
Corn            69%          8%
Soybean      69%          7%
Pasture        35%        34%

 

LC Aug -100 10227; Oct -50 10637; Dec -25 11045

FC Aug -110 14160; Oct -62 14297; Jan -197 14042

LH Aug -240 5040; Oct -187 4920; Dec -107 5120

Cattle futures closed lower with feeders down more than live cattle. Cattle were pressured by profit-taking as futures ended last week at/near new highs. The August LC premium to cash offers resistance. Choice beef rose 1.27 to 201.74 and Select gained 1.28 to 191.59.

Cash trade is inactive; last week’s prices were $95-97 live and mostly $157 dressed. Today’s formula purchases averaged 885 pounds at $151.81/cwt.

Lean hog futures closed lower with larger losses in the 2020 contracts. Today’s selloff added to Friday’s lower futures. Futures were weighed by weaker pork markets and LH premium to cash hog prices. FOB Plant Pork dropped 2.75 to 68.44. A 3% rise in belly value partially offset sizable losses in the values of loin, picnic, rib and ham.

US$ -.2%  95.79

Dow +9 26681

SP +27 3252

NAS +264 10767

Tran -155 9745

  VIX -1.19  24.49

 

WTI +7 4082

Brent +9 4323

Gas unch 123

NG -8 164

HO +2 123

Eth -6 111

Gold +8 1818

Slvr +59 2027

 

2-yr +.002 0.149%

5-yr  unch 0.282%

10yr -.013 0.615%

30yr -.017 1.312%

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