Market Closes - October 12, 2020
Posted on Oct 12, 2020Corn 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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