Market Closes - July 9, 2020

Posted on Jul 9, 2020

Corn Sep +2 349 (346-55); Dec +3 357 (353-62)

Bean Aug +4 896 (893-904); Nov +4 901 (896-909)

  Meal Aug +3 297 (294-99)

  Oil -26 2829

Wheat Sep +8 525 (516-31); Dec +8 530 (521-36); Jly +6 537

  KC unch 457; MGE +3 526

Oats unch 288

Rice unch 1210

 

LC Aug +10 9925; Oct +42 10392; Dec +77 10745

FC Aug +47 13452; Oct +35 13712; Jan +50 13767

LH Jly +180 4585; Oct +175 5055; Dec +130 5260

Milk Jly +51 2418; Aug +75 limit 2228; Sep +75 1982

Corn and soybean futures closed slightly higher but well below the day’s highs and ended in the lower half of the trading range. Futures were supported overnight by threatening weather outlooks. However, the day’s highs came in the opening minutes of day trading (8:30 a.m. CDT), followed by lower trending prices into the closing bell. Traders may have chosen to be cautious ahead of tomorrow’s USDA crop production and supply-demand reports at 11 am CDT. Once the report is out of the way, it’s all about the weather in the U.S. and to some degree in the EU/Black Sea areas for wheat.

Live cattle and feeder cattle futures closed slightly higher but faded from the day’s highs set in the 11 a.m. hour. This morning’s weekly beef export sales of 9500 MT was disappointing at only half of the 4-week average. Choice beef slipped .24 to 203.59 and Select fell .69 to 194.83. On light trading activity, live steer prices were $95-97/cwt and dressed prices at $155-160/cwt. Formula purchases averaged 881 pounds and $152.35/cwt. Drover’s reported that Sterling Beef Profit Tracker estimated for the week ending July 4, cattle feeding losses totaled $254/head, while packer margins were estimated at $359/head, up $14/cwt from the previous week. A year earlier, feeders made $29/head and packers made $230/head.

Lean hog futures made big gains today following an 8-day bottoming process. LH were supported by huge gains made in the pork cutout yesterday and again this morning. However, the morning quote of 71.61 disappeared by the afternoon. FOB Plant Pork dipped .04 to 67.12 with modest movements in each primal cut’s price. This morning’s weekly pork export sales was supportive.

US$ +.4% 96.80

Dow -361 25706

SP -18 3152

NAS +55 10548

Tran -182 9140

  VIX +1.18 29.26

 

WTI -121 3983

Brent -94 4235

Gas -4 125

NG -4 178

HO -1 122

Eth +3 139

Gold -17 1804

Slvr -20 1888

 

2-yr -.002 0.153%

5-yr -.013 0.278%

10yr -.046 0.607%

30yr -.084 1.308%

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