Market Closes - July 30, 2020

Posted on Jul 30, 2020

Corn Sep unch 316(315-19); Dec unch 327 (326-29)

Bean Aug unch 892 (884-93); Nov +3 888 (881-90)

  Meal Aug +3 290 (285-91)

  Oil +31 2998

Wheat Sep -3 529(525-34); Dec -2 536; Jly -1 545

  KC -6 440; MGE +2 513

Oats -4 278

Rice +15 1153

 

LC Aug +27 10172; Oct +70 10675; Dec +50 11045

FC Aug +105 14302; Oct +127 14452; Jan +95 14312

LH Aug -165 5142; Oct -150 4832; Dec -125 4977

Milk Aug -27 2089; Sep -58 1876

 

CBOT futures closed mostly narrowly mixed despite some positive export sales data. Corn moved to the day’s highs on the USDA reporting a large unexpected corn sale to China of nearly 2 MMT. However, corn futures spent the rest of the day trading back down to around unchanged levels. Soybean futures also shot sharply higher on the 8:30 a.m opening based on better than expected weekly soybean export sales. Soybeans soon collapsed to the day’s lows in the red before recovering to around the morning’s highs. Soybean meal and soyoil futures combined today to lift bean futures. Wheat closed mostly lower with KC down more than Chicago. Wheat traders continue to be disappointed that China isn’t buying. Chicago and KC wheat charts appear to be developing triangle formations which depending on the breakout direction will be good or bad. A weaker US Dollar is friendly to U.S. commodity prices and exports, but hasn’t resulted in many sales yet.

Cattle futures closed higher with bigger gains in the feeders. Feeder futures closed near the highs and are threatening to break above last week’s highs. Live cattle were supported by strong beef export sales and signs that the cash fed market is steady to firm.  Weekly U.S. beef export sales totaled 30,746 metric tons, the largest weekly total since February 2019. Choice beef rose .69 to 201.80 and Select jumped 2.01 to 191.50. Formula purchases averaged 890 pounds at $156.68/cwt.

Lean hog futures closed sharply lower with October and December LH falling well below the lows maintained during recent weeks. Weekly pork export sales were well above the previous week’s and the 4-week average. FOB Plant Pork slipped .34 to 67.57. Ham value fell 4.57 to 55.11. Ribs and butts slid nearly 2 percent. Loin value rose nearly 4 percent and bellies 2 percent.

 

US$ -.4% 92.95

Dow -226 26314

SP -12 3246

NAS +45 10588

Tran +1 9907

VIX +.66  24.76

 

WTI -92 4035

Brent -44 4331

Gas -1 120

NG -9 184

HO -4 123

Eth unch 117

Gold -4 1949

Slvr -70 2362

 

2-yr -.010 0.119%

5-yr -.028 0.225%

10yr -.043 0.538%

30yr -.047 1.197%

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