Market Closes - October 21, 2020
Posted on Oct 21, 2020Corn Dec +5 414 (408-15); Mar +3 417; Dec21 -1 399
Bean Nov +8 1072 (1064-77); Mar +6 1059; Nov21 +3 982
Meal Dec +7 379
Oil -11 3320
Wheat Dec -2 630; Jly +2 621 (618-25)
KC -1 570; MGE +5 582
Oats +4 304
Rice -4 1219
LC Oct -47 10365; Dec -87 10457; Feb -57 10807
FC Oct -10 13440; Jan +37 12707; Mar +25 12715
LH Dec -5 6920; Feb -82 6845; Apr -60 7080
Milk Oct +14 2160; Nov -64 2085; Dec -64 1870
Corn, soybeans and soybean meal closed strongly higher, led by the meal market. Soybean and meal futures made new contract high closes today. Support continues to come from the bullish momentum of strong exports and less competition. KC and Chicago wheat futures tried to rally with corn/beans but faded to close poorly.
Cattle futures closed mixed with live cattle mostly lower and feeder futures mostly higher. LC have been pressured by weaker cash fed prices and lower boxed beef values. Choice beef closed down 2.13 to 208.47 and Select lost .76 to 190.91. Movement was heavy. Negotiated cash trading has been limited on lower prices -- $104-105/cwt live and $162-165/cwt dressed. Formula purchases averaged 896 pounds and $174.38/cwt.
Lean hog futures closed lower and near the day’s lows. LH was weighed down by Tuesday’s down market. FOB Plant Pork closed up 1.25 at 98.16. A huge 21% gain in the ham value was offset by significant losses in the other primal cuts. Belly value dropped 4%; Rib value fell 3.6%; butt value was down 5.5%; and loins and picnics down around 3%.
US$ -.4% 92.65
Dow -98 28211
SP -8 3436
NAS -32 11485
Tran -135
VIX -.7 28.65
WTI -176 3995
Brent -149 4167
Gas -5 113
NG +8 334
HO -3 115
Eth +1 145
Gold +12 1928
Slvr +17 2515
2-yr +.002 0.149%
5-yr +.011 0.354%
10yr +.022 0.819%
30yr +.024 1.627%
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