Market Closes - September 1, 2020
Posted on Sep 1, 2020Corn 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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