Market Closes - October 5, 2020

Posted on Oct 5, 2020

Corn Dec unch 379 (378-82); Mar unch 389; Dec21 unch 391

Bean Nov +1 1021 (1016-25); Mar unch 1018; Nov21 +1 971

  Meal -6 344 (342-49)

  Oil +87 3281

Wheat Dec +11 584; Jly +8 589 (580-90)

  KC +15 524; MGE +4 535

Oats +2 288

Rice +14 1269

 

LC Oct +65 10882; Dec +65 11175; Feb +50 11522

FC Oct +15 14005; Jan +12 13812; Mar +50 13792

LH Oct +25 7475; Dec +15 6265; Feb +50 6817

Milk Oct +44 2062; Nov +40 1976; Dec +12 1798

CBOT futures closed mixed with wheat making the best gains. Wheat was supported by dry weather concerns for the U.S. Plains and in Russia/Ukraine. There’s no relief in the forecast. The same dry weather in the Corn Belt is pushing harvest progress with soybean harvest at 10 points ahead of the 5-year average of 28%. Corn harvest is very near average but could gain on it this week. Weekly export inspections for corn and soybeans were supportive. After the first month of the 20/21 marketing year, corn inspections are up 81% yr/yr and soybean inspections are up more than 50% yr/yr. The spec funds are long wheat, corn and soybean futures, the latter being especially big.

U.S Crop Progress
Corn is 87% mature vs 75% last week and 78% 5-yr avg
Corn harvest is 25% complete vs 24% for 5-yr avg

Soybeans are 85% dropping leaves vs 74% last week and 82% 5-yr avg
Soybean harvest is 38% complete vs 28% for 5-yr avg

Winter Wheat planted is 52% complete vs 47% for 5-yr avg


U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
    (  )change from last week
Pasture      26%(unch)    38%(-2)

 

 

LC Oct +65 10882; Dec +65 11175; Feb +50 11522

FC Oct +15 14005; Jan +12 13812; Mar +50 13792

LH Oct +25 7475; Dec +15 6265; Feb +50 6817

Cattle futures closed slightly higher on optimism for the cash fed market. Last week’s price strength may carry over into this week with October LC premium to Friday cash market. Choice beef lost 1.90 to 216.98 and Select ended up .40 at 208.01. The cash market is not established. Last week’s trade ended at $107/cwt live and $167-168 dressed.

Lean hog futures also closed slightly higher on a sharply higher pork cutout. Compared to the morning quote of 100.64, FOB Plant Pork closed at 95.00, up 2.85. All primal cuts were higher, led by ham being up 7 percent to 83.88.
 

US$ -.4% 93.44

Dow +466 28149

SP +60 3408

NAS +257 11332

Tran +185 11482

  VIX +.33 27.96

 

WTI +226 3960

Brent +217 4144

Gas +7 120

NG +19 263

HO +5 114

Eth +2 138

Gold +11 1919

Slvr +51 2454

 

2-yr +.016 0.149%

5-yr +.047 0.332%

10yr +.084 0.778%

30yr +.104 1.584%

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