Market Closes - July 23, 2020

Posted on Jul 23, 2020

Corn Sep unch 328 (325-29); Dec +1 335 (332-37)

Bean Aug +7 906 (897-907); Nov +4 900 (893-901)

  Meal +4 290 (287-91)

   Oil -14 2979

Wheat Sep -5 529 (527-36); Dec -5 535; Jly21 -6 539

  KC -7 441; MGE -5 510

Oats +4 284

Rice -3 1183

 

LC Aug -65 10085; Oct -112 10460; Dec -110 10902

FC Aug +50 14202; Oct -10 14342; Jan -10 14110

LH Aug +182 5447; Oct +95 5102; Dec +75 5220

Milk Aug -28 2248; Sep -17 2076

 

CBOT futures closed widely mixed with soybean meal leading bean futures higher. Soybeans were supported by good weekly export sales reported this morning and continued optimism that China will keep buying US beans which are competitively priced. The August soybean contract closed above the July highs and added to its premium over November; this inverse market has friendly implications. While traders aren’t worried about widespread crop damage, the persistent drought in western Iowa and parts of the eastern Corn Belt appears to lend support. Corn also found late-day support as soybeans extended their gains. Wheat futures closed lower as focus turned to the huge world supply.

Cattle futures closed mostly lower and near the day’s lows. The live cattle charts look especially negative, but August LC sits just a few dollars above the cash market. Yesterday’s Cold Storage report showed a build in frozen beef stocks, so this weighed on LC futures today. Choice beef is up 1.11 to 202.26 and Select is up 1.51 at 190.79. On light trade, live fed steer prices were $96-98/cwt and dressed prices remains in the $158/cwt area. Formula purchases averaged $157.12 and 884 pounds.

Lean hog futures closed higher with nearby August LH up sharply. LH was supported by decent weekly pork export sales and a sharp 6% gain in the pork cutout at midday. Those pork gains did not hold into the afternoon. FOB Plant Pork slipped .34 to 69.67. Loin value fell 3%; hams rose nearly 5%; and picnic value popped 7%.

 

US$ -.2% 94.81

Dow -354 26652

SP -40 3236

NAS -245 10461

Tran -34 9764

  VIX +1.76 26.08

 

WTI -83 4107

Brent -98 4331

Gas -2 126

NG +10 178

HO -2 125

Eth -2 117

Gold +25 1890

Slvr -14 2294

 

2-yr +.006 0.153%

5-yr  unch 0.269%

10yr -.016 0.579%

30yr -.058 1.232%

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