Market Closes - July 28, 2020

Posted on Jul 28, 2020

Corn 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

NAS -134 10402

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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