Market Closes - October 29, 2020

Posted on Oct 29, 2020

Corn Dec -3 398 (393-404); Mar -3 401; Dec21 +1 384

Bean Nov -5 1051 (1051-62); Mar -1 1040; Nov21 unch 965

  Meal Dec unch 377 (372-79)

  Oil -36 3306

Wheat Dec -5 604; Jly -5 593

  KC -1 542; MGE unch 552

Oats +3 299

Rice unch 1247

 

LC Oct +42 10627; Dec +330 10797; Feb +267 11037

FC Oct +127 13645; Jan +140 13135; Mar +145 13097

LH Dec -75 6562; Feb -60 6560; Apr -42 6832

Milk Oct -6 2159; Nov +35 2328; Dec +20 2035

CBOT futures closed steady to mostly lower in follow-through selling to Wednesday’s market. This morning’s weekly export sales report was strong for wheat and corn (plus a big daily corn sale to Mexico) but disappointing for soybeans. November and January soybeans were pressured the most, with settlements near the day’s lows. Tomorrow is the last trading day of October and cash bids will move to the January Soybean futures. Recent rainfall in areas of South America and the southern U.S. Plains have weighed on soybeans and wheat. A 4-week high in the US Dollar works against U.S. exports. China has not been an active buyer for a while. However, soybean export shipments are running strong with most headed for China.  
 

Read AFBF’s newest article on China’s need for U.S. corn.
https://www.fb.org/latest/review/china-could-be-looking-to-import-more-corn

 

LC Oct +42 10627; Dec +330 10797; Feb +267 11037

FC Oct +127 13645; Jan +140 13135; Mar +145 13097

LH Dec -75 6562; Feb -60 6560; Apr -42 6832

 

Cattle futures closed strongly higher on short-covering and cash market support. December LC are $5.00 above yesterday’s lows. Positive weekly beef export sales and strong economic reports supported the market as boxed beef and cash cattle prices strengthen. Choice beef gained 1.38 to 207.17 and Select rose 1.65 to 191.23. Live feds traded $106/cwt. Dressed purchases averaged $160.73 for steers. Formula cattle averaged 930 pounds and $174.15/cwt. Feeder futures have benefited from corn’s weakness this week.

Lean hog futures closed lower after making new lows not seen since October 7. LH were pressured by follow-through selling from yesterday’s drop and by a poor weekly export sales number this morning. However, strong pork values limited the losses and LH closed in the upper range. FOB Plant Pork closed up 3.05 at 87.57, compared to a 5.04 gain in the morning. Ham value soared by 14.24 to 97.78. Belly value fell 4% to 116.86; ribs were down around 2.5%.

US$ +.5% 93.93

Dow +139 26659

SP +39 3310

NAS +181 11186

Tran +238 11184

  VIX -2.69  37.59

 

WTI -128 3611

Brent -157 3755

Gas -4 102

NG +2 332

HO -3 108

Eth -2 139

Gold -11 1868

Slvr -3 2332

 

2-yr +.002 0.152%

5-yr +.029 0.372%

10yr +.049 0.830%

30yr +.040 1.611%

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