Market Closes - September 15, 2020

Posted on Sep 15, 2020

Corn 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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