Market Closes - September 14, 2020

Posted on Sep 14, 2020

Corn Dec +1 369 (367-71); Mar +1 379

Bean Nov +3 999 (996-1009); Mar +5 1002

  Meal -3 317 (316-23)

  Oil +62 3423 (3338-3452)

Wheat Dec +4 546; Jly +2 559 (555-61)

  KC +2 473; MGE -2 530

Oats +2 273

Rice -4 1207

 

LC Oct +135 10687; Dec +180 11170; Feb +137 11570

FC Sep +150 14150; Nov +187 14320; Jan +185 14097

LH Oct -195 6462; Dec -242 6375; Feb -72 6875

Milk Sep -7 1641; Oct -1 1920

CBOT futures closed mostly higher with the significant exception of soybean meal. Soybeans and corn to a lesser extent continued to be supported by Friday’s USDA crop reports, as well as sizable daily export announcements this morning for both corn and soybeans. Weakness in soybean meal futures pulled soybeans well of the daily highs which were established Sunday evening. November soybean futures have rallied over $1.40/bushel since August 12. Wheat futures posted gains today, unwinding some of Friday’s losses. Record global wheat supplies hang over this market.

U.S Crop Progress
Corn is 89% dented vs 79% last week and 82% 5-yr avg
Corn is 41% mature vs 25% last week and 32% 5-yr avg
Corn harvest is 5% complete vs 5% for 5-yr avg

Soybeans are 37% dropping leaves vs 20% last week and 31% 5-yr avg.

SPRING Wheat Harvest
   92% harvested, compared to 92% 5-yr avg.

U.S Crop Conditions
Crop      Good/Exc   Poor/V.Poor
    (  )change from last week

Corn         60%(-1)     15%(+1)
Soybean   63% (-2)     11%(+1)
Pasture     24%(+2)    42%(-4)

 

 

 

LC Oct +135 10687; Dec +180 11170; Feb +137 11570

FC Sep +150 14150; Nov +187 14320; Jan +185 14097

LH Oct -195 6462; Dec -242 6375; Feb -72 6875

Cattle futures closed strongly higher, adding to recent gains. Traders credited a strong cash feeder cattle market for today’s strength. Choice beef fell 2.268 to 217.21 and Select gained .66 to 207.76, narrowing the Choice-Select spread to 9.45. For the week ending Sept 12, average carcass weight was 838 pounds, up 3 pounds from the prior week, and 19 pounds above the year-ago weight. The average live steer price was $100.86/cwt and the average dressed steer price was $160.56.

Lean hog futures closed lower, but sharply lower in the October and December contracts. Traders decided Friday’s huge rally was overdone. LH had rallied on the case of ASF in Germany and ideas the U.S. would get that export business. Today’s price action is very negative, but time will tell if the damage can be undone. FOB Plant Pork dropped 1.54 to 79.71. Ham value fell 8% and loins lost nearly 3%. Last week, average hog carcasses weighed 211 pounds, unchanged from the prior week and up one pound from a year-ago. 

 

USDA Announces Increased Subsidies and Other Improvements to the Livestock Risk Protection Insurance Program     Read more [lnks.gd].
 

US$ -.2% 93.07

Dow +328 27933

SP +43 3384

NAS +203 11057

Tran +98 11381

  VIX -1.02  25.85

 

WTI -10 3755

Brent -22 3961

Gas +1 111

NG +3 230

HO steady 109

Eth +3 134

Gold +17 1956

Slvr +56 2730

2-yr +.008 0.137%

5-yr +.011 0.264%

10yr +.009 0.676%

30yr unch 1.416%

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