Market Closes - October 26, 2020
Posted on Oct 26, 2020Corn 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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