Market Closes - October 12, 2020

Posted on Oct 12, 2020

Corn Dec -6 389 (387-99); Mar -5 397; Dec21 -4 393

Bean Nov -32 1034 (1031-73); Mar -22 1026; Nov21 -12 968

  Meal Oct -6 357 (356-61)

  Oil -101 3314

Wheat Dec unch 594; Jly unch 595 (588-98)

  KC -5 530; MGE -1 543

Oats -9 283

Rice -16 1230

 

LC Oct -152 10835; Dec -177 11082; Feb -122 11307

FC Oct -95 13730; Jan -35 13365; Mar -92 13262

LH Oct +5 7817; Dec -50 6662; Feb -32 7022

Milk Oct +26  2117; Nov +75 limit 2048

 

The corn and soy complex futures contracts closed sharply lower on profit-taking on forecasts for some rain in South America and a lack of export sales announcements this morning. Given the sharp rally over the previous 10 calendar days, both markets were in overbought technical levels. Today’s price action looks negative on the charts; the key is when/where do the buyers come back in. Wheat futures mostly held its own today due in part to spread trade with corn/beans. Extended forecasts show some precipitation in key wheat regions.

Crop Progress/Conditions delayed until Tuesday due to Columbus Day government holiday.

Cattle futures closed lower with live cattle suffering the biggest losses. Cattle opened higher but immediately headed south, bottoming around 11 am CT. Futures will look to the cash market for direction. Choice beef edged up .56 to 214.2 and Select gained .52 to 200.34. Movement was on the light side, as it was on Friday. Very light cash trade was reported at $109 in TX and $107 in the Western Corn Belt. This is steady with last week. Dressed purchases traded $169-170 last week.

Lean Hog futures closed slightly lower and mid-range. Traders are reluctant to push futures higher at these levels as weekly supply is rising. CFTC data show the longs have been reducing their positions the last two weeks. FOB Plant Pork ended down .49 at 94.31, after being up 2.68 at midday. Belly value was up 15.60 at midday, but only up 2.55 in the afternoon.

US$ steady 93.03

Dow +251 28838

SP +57 3534

NAS +296 11876

Tran +18 11880

  VIX +.13 25.12

 

WTI -111 3980

Brent -108 4177

Gas -3 118

NG +9 283

HO -3 116

Eth +5 145

Gold +1 1928

Slvr +11 2522

U.S. Treasury Market closed for Columbus Day
 

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