Market Closes - September 15, 2020
Posted on Sep 15, 2020Corn Dec -3 366 (365-69); Mar -3 376
Bean Nov -8 991 (990-1006); Mar -6 996
Meal Oct -3 314 (314-19)
Oil -15 3408
Wheat Dec -7 538; Jly -7 552 (548-60)
KC -5 468; MGE -6 524
Oats -4 269
Rice +8 1215
LC Oct +22 10710; Dec -12 11157; Feb +32 11602
FC Sep +17 14167; Nov +92 14412; Jan +100 14197
LH Oct +107 6570; Dec -52 6305; Feb -5 6870
Milk Sep -8 1633; Oct -56 1867
CBOT futures closed lower and near the lows of the day. Overnight weakness was amplified when futures reopened at 830 am CT, as futures plunged on heavy volume. Most of the damage was done at that time. Analysts describe today as seeing corrective selling after the recent strong up move. Generally, prices can’t go up every day. Wheat came under pressure from the general selling across the CBOT grain/oilseed markets. USDA did announce daily corn and soybean export sales.
Live cattle closed narrowly mixed while feeder futures gained around a dollar/cwt. Cash fed trade is inactive so far this week, but maintaining October LC’s premium to last week’s $101 price could indicate traders are optimistic cash prices will firm up. Feeder futures closed higher and extending Monday’s sizable gains. Lower CBOT futures added support. Boxed beef closed weaker with Choice down 1.12 to 216.09 and Select fell 1.48 to 206.28.
Except for the $1.07 gain in the October contract, Lean Hogs closed lower. Today’s sharply higher pork cutouts should support hog futures. More ASF cases were reported in Germany, so U.S. pork exports should get a boost. Compared to the morning quote of 86.35, FOB Plant Pork closed at 84.26, up 4.55. All primal cuts were up markedly. Loin value surged over 8%. Ham value jumped over 11%.
US$ steady 93.09
Dow +2 27996
SP +18 3401
NAS +134 11190
Tran +96 11477
VIX -.29 25.56
WTI +109 3865
Brent +101 4062
Gas +2 113
NG +5 236
HO +1 110
Eth unch 131
Gold -1 1953
Slvr +2 2725
2-yr +.004 0.141%
5-yr +.011 0.272%
10yr +.012 0.681%
30yr +.025 1.433%
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