Market Closes - July 29, 2020

Posted on Jul 29, 2020

Corn Sep -4 315 (315-21); Dec -4 326 (326-31)

Bean Aug -5 891(891-98); Nov -2 885 (883-89)

  Meal -2 287 (287-89)

  Oil +25 2967

Wheat Sep +9 533(523-33); Dec +8 538; Jly +6 546

  KC +9 446; MGE +5 511

Oats -4 282

Rice -4 1138

 

LC Aug +55 10145; Oct +105 10605; Dec +107 10995

FC Aug +127 14197; Oct +132 14325; Jan +115 14217

LH Aug -112 5307; Oct -90 4982; Dec -77 5102

Milk Aug -75 limit 2116; Sep -74 1935

CBOT futures closed mixed with corn and soybeans closing lower and near the day’s lows. Wheat posted strong gains after a sharp drop on Monday and Tuesday. Wheat may have benefitted from increased world trading activity (not for the U.S.) and the sharp drop in the US Dollar value. Corn and soybeans were pulled down by Monday’s improved crop ratings, cool August forecasts, high yield expectations and a lack of U.S. export sales. September Corn is sitting on its contract low of 3.15 from April, which was tested a month ago before futures rallied 40 cents in first-half July.

Cattle futures closed higher, adding to Tuesday’s gains. This puts cattle futures not far from the July highs and over $20/cwt above the contract lows set in April.  Choice beef dropped 1.85 to 201.11 and Select gained 1.17 to 189.49. Movement was heavy with 174 loads. Cash trade has picked up with mostly $97/cwt in the southern Plains and $101 in the western Cornbelt, where dressed prices were higher at $160/cwt. Formula purchases averaged 881 pounds and $154.01/cwt.

Lean hog futures closed lower on lower cash hog prices and weaker pork values. FOB Plant Pork dropped 1.50 to 67.91 with ham value fell over 6%. As always, traders will study tomorrow’s weekly pork export sales report to see China’s demand.

 

US$ -.5% 93.31 - new 2-year low; last major low was early 2018 at 88.25

Dow +160 26540

SP +40 3258

NAS +141 10543

Tran +210 9906

  VIX -1.34 24.1

 

WTI +23 4127

Brent +53 4375

Gas -2 121

NG +7 193

HO +1 126

Eth -3 117

Gold +9 1953

Slvr +2 2432

 

2-yr -.010 0.133%

5-yr -.014 0.252%

10yr -.007 0.574%

30yr +.015 1.238%

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