Market Closes - July 21, 2020

Posted on Jul 21, 2020

Corn Sep -5 323 (322-28); Dec -5 331 (330-35)

Bean Aug -6 896 (895-902); Nov -7 893 (890-99)

  Meal -3 286 (285-89)

  Oil +14 3007

Wheat Sep +6 528 (518-31); Dec +5 534; Jly21 +5 540

  KC +7 442; MGE +3 509

Oats unch 279

Rice -1 1180

 

LC Aug -42 10185; Oct -25 10612; Dec -15 11030

FC Aug -27 14132; Oct +15 14312; Jan +50 14092

LH Aug +107 5147; Oct +82 5002; Dec +35 5155

Milk Jly unch 2432; Aug +10 2325; Sep +61 2134

CBOT futures closed widely mixed with wheat higher and corn/soybeans lower. Monday’s USDA crop condition ratings which were generally a point better than trade expectations pressured futures today. Recent rains and forecasts for more added to the pressure. Today’s lower markets occurred despite corn/soybean export sales announcements this morning. Corn price action looks negative since futures traded below last week’s lows and closed at the lowest level since the market bottomed on June 26 (still 7-9 cents above those lows). Wheat futures closed higher on short-covering and bargain hunting after the sharp 3-day selloff. Some of the outside markets made significant moves favorable to commodity futures – gold, silver and energy rallied, and the US Dollar weakened.

Live cattle closed slightly lower while feeders were higher beyond the August and September FC contracts. Today’s LC weakness extended Monday’s losses as traders wait for the cash market to be established as boxed beef values slip. Choice beef fell .86 to 200.88 and Select slipped .29 to 191.30. Formula purchases averaged 884 pounds at $156.22/cwt.

Lean hog futures closed higher as the market turned around from Monday’s selloff. Today’s rally was fueled by sharply higher pork cutout values. Nearby contracts erased around half of Monday’s large losses. FOB Plant Pork jumped 3.79 to 72.23 with all primal cuts higher. Ham value soared 8.10 to 70.58 and picnic’s rose 5.51 to 48.09. Loin and butt values were up 2-3%.

US$ -.5% 95.21

Dow +160 26840

SP +5 3257

NAS -87 10680

Tran +65 9810

  VIX +.54 25.00

 

WTI +70 4162

Brent +76 4404

Gas +5 128

NG +3 167

HO +4 127

Eth unch 111

Gold +26 1843

Slvr +144 2156

2-yr -.008 0.141%

5-yr -.017 0.268%

10yr -.018 0.602%

30yr -.010 1.308%

One-Time PLC Yield Updates – Deadline September 30
    Farm owners have a one-time opportunity to update PLC yields of covered commodities on the farm, regardless of Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC)program election. The deadline to request a PLC yield update is September 30, 2020.  For more information, visit farmers.gov/arc-plc [lnks.gd].

FSA County Committee Nominations Due by August 1
    All nomination forms for the 2020 election must be postmarked or received in the local USDA Service Center by Aug. 1, 2020 (or next business day).
 

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