Market Closes - October 15, 2020
Posted on Oct 15, 2020Corn Dec +7 404 (393-404); Mar +5 408; Dec21 +1 395
Bean Nov +6 1062 (1037-64); Mar +3 1045; Nov21 -2 973
Meal Dec +8 372 (361-72)
Oil -71 3317
Wheat Dec +21 618; Jly +12 607 (592-607)
KC +23 558; MGE +13 559
Oats +6 294
Rice +8 1251
LC Oct -60 10777; Dec -72 10955; Feb -80 11242
FC Oct +55 13892; Jan -122 13210; Mar -115 13150
LH Dec +145 6987; Feb +32 7142; Apr -27 7445
Milk Oct +7 2137; Nov +48 2093
CBOT futures closed mostly higher (and at/near the day’s highs), led by Chicago and KC wheat. Wheat was supported by rising EU prices amid an increase in global wheat export business. Corn closed higher, with December up sharply on strong corn exports and record high corn prices in China. They need U.S. corn to feed their hogs; soybean meal also rose sharply in sympathy with corn. Soybean gains were limited by the sharp drop in soybean oil futures. Some rainfall in South America also weighed on beans.
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Cattle futures closed mostly lower as beef demand becomes less certain. Falling beef prices and weaker cash feds may be signs of demand slipping amid economic uncertainty tied to the delayed second stimulus payments and rising Covid cases in Europe. Choice beef lost .66 to 210.48 and Select dropped 2.77 to 196.50, widening the Choice-Select Spread to 13.98. Volume was very heavy. Negotiated cash trading has been light, with prices at $107-108/cwt live and $168-169/cwt dressed. Formula purchases averaged 907 pounds and $176.24/cwt.
Lean hog futures closed mixed with nearby December LH up 1.45 but April 2021 and beyond posting losses. LH was supported by sharply higher pork cutouts and the December contract’s sharp discount to the CME Lean Hog Index at $78.24. FOB Plant Pork ended up 4.85 at 101.42 after being up 6.08 in the morning. Ham value soared 13.65 to 93.14. Belly value rose nearly 5% to 173.89. Loin value is now 88.99, up 1.86 today.
The weekly export sales report comes out Friday morning due to Monday’s government holiday.
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