Market Closes - July 28, 2020
Posted on Jul 28, 2020Corn Sep -5 320 (320-23); Dec -4 330 (329-32)
Bean Aug -10 897 (893-903); Nov -12 887 (883-96)
Meal -4 289 (288-92)
Oil -18 2942
Wheat Sep -4 523 (519-30); Dec -4 530; Jly -4 540
KC -3 437; MGE -2 506
Oats -1 286
Rice -21 1142
LC Aug +47 10090; Oct +117 10500; Dec +80 10887
FC Aug +135 14070; Oct +125 14192; Jan +35 14102
LH Aug -35 5420; Oct -2 5072; Dec +25 5180
Milk Aug -27 2184; Sep -48 2001
CBOT futures closed sharply lower with soybean meal leading the way down. Corn and soybeans were pressured by unexpected 3-point improvements in their good/excellent rating on Monday afternoon. This along with recent rains and forecasts for moderate temperatures suggest national yields could be very good. Soybeans also had pressure from a lack of any soybean export sales announcements this morning – the first time in 11 (business) days. Even in the down market, August beans gained on new crop contracts. Corn futures opened below Monday’s lows and ended up setting new one-month lows and low closes. Soybeans closed at lowest level since July 15 and around half of the July rally has vanished.
Cattle futures closed higher after Monday’s sharp losses which looked bearish on the charts. Choice beef gained .41 to 202.96 and Select fell 1.81 to 188.32. The Choice-Select Spread has widened to 14.64. Live cattle traded $95-97.50 and $161/cwt dressed. Formula purchases averaged 874 pounds at $154.47/cwt.
Lean hog futures closed narrowly mixed with August and October down slightly. Despite early strength in the pork cutout, August LH was weighed down by its roughly $3.00 premium to the CME Lean Hog Index. The mid-morning cutout was up nearly $8 to $79.18 thanks to bellies being up 25% and hams up nearly 20%. FOB Plant Pork ended down 1.89 at 69.41. Ham and belly values dropped around 5 percent; loins fell 3 percent.
US$ +.3% 93.78
Dow -205 26379
SP -21 3218
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Tran -121 9697
VIX +.68 25.42
WTI -55 4105
Brent -16 4325
Gas -2 123
NG +7 186
HO -1 125
Eth +5 120
Gold +20 1951
Slvr -6 2444
2-yr -.015 0.141%
5-yr -.026 0.264%
10yr -.032 0.577%
30yr -.033 1.219%
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