Market Closes - October 26, 2020

Posted on Oct 26, 2020

Corn Dec -1 418 (413-20); Mar -2 418; Dec21 -2 392

Bean Nov +4 1088 (1078-90); Mar +1 1069; Nov21 unch 983

  Meal Dec +3 390 (381-90)

  Oil +35 3446

Wheat Dec -13 620; Jly -10 608 (603-18)

  KC -18 552; MGE -12 565

Oats +3 306

Rice -5 1229

 

LC Oct +62 10397; Dec -17 10340; Feb -22 10640

FC Oct +17 13370; Jan +122 12677; Mar +92 12645

LH Dec +72 6775; Feb +72 6765; Apr +35 7007

Milk Oct unch 2163; Nov +49 2268; Dec +84 2100

CBOT futures closed mixed with wheat leading to the downside. Precipitation in the Plains and in Russia weighed on wheat futures. Corn closed down slightly but well off the day’s lows. Corn was pressured by wheat’s big losses and disappointing weekly export inspections. Soybean futures closed steady to higher with some soybean and meal contracts making new contract high closes. Weekly soybean export inspections were very strong at 2.66 MMT. Corn and soybean harvests continue to run well ahead of the 5-year average pace.

U.S Crop Progress
Corn harvest is 72% complete vs 60% last week and 56% for 5-yr avg

Soybean harvest is 83% complete vs 75% last week and 73% for 5-yr avg

Winter Wheat planted is 85% complete vs 80% for 5-yr avg


U.S Crop Conditions
Crop          Good/Exc   Poor/V.Poor

    (  )change from last week
Pasture           20%(unch)   43%(-1)
Winter Wheat  41% --         19% --

LC Oct +62 10397; Dec -17 10340; Feb -22 10640

FC Oct +17 13370; Jan +122 12677; Mar +92 12645

LH Dec +72 6775; Feb +72 6765; Apr +35 7007

 

Cattle futures ended the day mostly higher with feeders outperforming live cattle. Friday’s bearishly-construed Cattle on Feed report pressured futures during the morning, but futures rallied into the close. Choice beef edged .34 higher to 207.83, but Select beef dropped 2.91 to 188.49. The Choice-Select spread has widened to 19.34. Negotiated trade was inactive. Last week’s average fed steer price was $105.11/cwt live and $163.97/cwt dressed. Beef production was -1.51% week/week and +2.64% year/year.

Lean hog futures closed higher and near the day’s highs. LH was pressured during the first hour of trading but a strong pork market led to a rally the rest of the day. Compared to the morning quote of 96.24, FOB Plant Pork closed at 91.86, down 1.39. Sharp losses in the value of loins and bellies outweighed an 8% gain in ham value.

US$ +.3% 93.06

Dow -650 27685

SP -64 3401

NAS -189 11359

Tran -275 11605

  VIX +4.91  32.46

 

WTI -128 3857

Brent -131 4046

Gas -3 110

NG +5 324

HO -3 113

Eth +1 151

Gold -1 1904

Slvr -30 2437

 

2-yr -.004 0.151%

5-yr -.019 0.351%

10yr -.038 0.803%

30yr -.054 1.592%

CFAP 2 payments to date total more than $7 billion for the U.S. To date, 18,175 Kentucky producers have received over $150 million with $54 million to cattle producers, $40 million to corn growers, $20 million for soybeans, $15 million for tobacco, $9 million for wheat, $5.5 million for dairy and $3.8 million for hog/pigs. Other commodities received smaller payments.

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