Market Closes - October 1, 2020

Posted on Oct 1, 2020

Corn Dec +4 383 (378-85); Mar +4 392; Dec21 +2 393

Bean Nov unch 1023 (1022-35); Mar unch 1021; Nov21 unch 966

Meal +5 345 (339-46)

  Oil -72 3265

Wheat Dec -8 570; Jly -5 577 (574-86)

  KC -3 506; MGE -7 533

Oats -2 284

Rice +3 1251

 

LC Oct -2 10852; Dec -52 11182; Feb -40 11547

FC Oct -42 14092; Jan -75 13955; Mar -47 13865

LH Oct +135 7415; Dec -25 6285; Feb -12 6787

Milk Oct +48 2001; Nov +48 1911

 

CBOT futures closed mixed with corn and soybean meal rising. Corn saw follow-through buying to yesterday’s rally resulting from the bullish stocks report and by strong weekly export sales of 80 million bushels. Marketing year sales of 969 million are up 153 percent from a year ago. Soybean meal was supported by this morning’s strong weekly export sales report. Soybeans couldn’t follow meal higher due to a sharp drop in soybean oil futures, under pressure from falling energy futures. With China on holiday, daily soybean export sales announcements will be fewer. This morning’s weekly soybean export sales report was higher than expected at 2.6 mmt, with half going to China. Wheat futures closed lower on profit-taking after yesterday’s rally.

Cattle futures closed lower and near the day’s lows after trading higher early in the trading session. Traders have been reluctant to rally live cattle futures, but cash trade is catching up to futures. Choice beef rose 1.24 to 218.98 and Select edge up .08 at 207.62. Cash trading remains light but live prices have climbed as high as $108/cwt and dressed purchases were mostly $168/cwt. For the week ending September 24, the U.S. sold 26,029 MT of beef, the highest weekly total since July 23.

Lean hog futures closed narrowly mixed except for nearby October LH which gained $1.35. October LH was supported by a sharp gain in the pork cutout and strong weekly pork export sales. Compared to 100.06 in the morning report, FOB Plant Pork closed at 95.65, up only 4.28. Ham value soared 9.88 to 93.34 and Belly value rose 8.82 to 153.76.

US$ -.1% 93.72

Dow +35 27817

SP +18 3381

NAS +159 11327

Tran -19 11211

  VIX +.33 26.70

 

WTI –149 3898

Brent –141 4089

Gas -3 115

NG -4 248

HO -3 112

Eth +8 139

Gold +15 1911

Slvr +42 2391

 

2-yr +.006 0.131%

5-yr +.005 0.275%

10yr +.002 0.679%

30yr +.003 1.455%

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