Market Closes - September 1, 2020

Posted on Sep 1, 2020

Corn Dec unch 358 (351-59); Mar unch 368 (361-68)

Bean Nov +1 955 (943-59); Mar +2 962 (950-66)

  Meal Oct -2 305 (303-308)

  Oil +3 3276

Wheat Dec +12 564; Jly +8 572 (561-76)

  KC +10 485; MGE +7 546

Oats +4 279

Rice -12 1223

 

LC Oct +17 10547; Dec +17 10915; Feb +42 11275

FC Sep -17 14012; Nov +15 14152; Jan +32 13950

LH Oct +142 5502; Dec +65 5577; Feb +50 6207

Milk Sep +17 1585; Oct +39 1825

Corn and soybeans closed little changed, but wheat futures soared to new highs. Corn and soybeans reacted negatively to the USDA Crop Condition report Monday afternoon by moving lower once markets reopened Monday evening, setting the daily lows very quickly. Thanks to a large corn export sale to China and a smaller soybean sale to Unknown announced this morning, futures rallied during the day session and closed near the day’s highs. Wheat also opened weaker with corn and soybeans last evening, but rallied much more sharply than corn and beans. Wheat was supported by rumors of Chinese export business and hot, dry weather in some areas of the Plains.

Cattle futures closed nearly unchanged after trading both sides. Beef and cattle values have recently weakened. Choice beef edged .39 higher to 228.34 and Select lost .57 to 214.75. Negotiated cash trade picked up, but prices are lower than last week. Live prices range from $103-104/cwt and dressed prices are $163-164/cwt. Formula cattle averaged 888 pounds and $170.93/cwt.

Lean hog futures closed higher led by the nearby October LH. Futures were supported by rising pork cutouts and a firm cash hog market. FOB Plant Pork rose 1.92 to 74.54 as loin value jumped 9% to 74.54 and ham value rose 5%.

US$ +.1% 92.30

Dow +216 28646

SP +26 3527

NAS +164 11940

Tran +131 11317

  VIX -.29 26.12

 

WTI +42 4332

Brent +53 4581

Gas +2 124

NG -11 252

HO +2 123

Eth -1 131

Gold unch 1971

Slvr +5 2849

 

2-yr +.004 0.135%

5-yr -.007 0.256%

10yr -.019 0.674%

30yr -.027 1.425%

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