Market Closes - September 17, 2020

Posted on Sep 17, 2020

Corn Dec +2 374 (368-77); Mar +3 384

Bean Nov +17 1028 (1005-32); Mar +9 1024

  Meal Oct +10 330

  Oil -3 3491

Wheat Dec +14 556; Jly +11 567 (550-68)

  KC +12 487; MGE +10 541

Oats unch 273

Rice +9 1225

 

LC Oct +5 10677; Dec -62 11132; Feb -50 11575

FC Sep -57 13992; Nov -132 14220; Jan -87 14077

LH Oct +130 6652; Dec +165 6362; Feb +45 6820

Milk Sep -5 1625; Oct +29 1918

 

CBOT futures closed sharply higher and high-range on support from strong weekly export sales and a sizable daily soybean export sale to China. Traders and spec funds are jumping on the bullish momentum as soybeans make new contract highs. Old chart resistance in November beans around $9.85 has been left far behind. The next resistance comes on the weekly continuation chart at $10.71 from February 2018. After that, $11.00 may offer resistance. Wheat’s fundamentals don’t support its price rally, but corn and soybeans are lifting it up. Support also came concerns about dryness in the southern Plains as well as in Russia and the Black Sea region.

Cattle futures closed mostly lower on weak boxed beef values and October LC’s premium to cash. Negotiated cash trade has picked up with live prices $104-105/cwt and dressed prices $162-163/cwt. These prices range $2-4/cwt higher than last week. Boxed beef values slid lower again, with Choice down .33 to 215.05 and Select down 1.12 to 203.39. Weekly beef export sales were down 8% from the previous week.

Lean hog futures closed higher with large gains in the front months. LH rallied on a huge jump reported in pork export sales for the week ending 9-10-20 and sharp increase in the pork cutout, indicating more export business. The U.S. sold over 50K MT of pork, up 68% from the prior week. About 36K MT was sold to China. USDA FAS data show China has shipped 514K MT of pork and still has 120K MT on the books for shipment by December 31, 2020. This is 127% higher than a year earlier. After a morning quote of 91.07, up 7.93, FOB Plant Pork closed up only 3.89 at 87.03. Loin value was little changed, but butts and picnics were around 6% higher and ham value jumped 8.70 to 83.60. Bellies rose 3.44 to 141.29.

 

US$ -.3% 92.90

Dow -130 27902

SP -28 3357

NAS -140 10910

Tran -3 11552

  VIX +.42 26.46

 

WTI +81 4122

Brent +108 4330

Gas +4 122

NG -28 199

HO +4 116

Eth +5 134

Gold -19 1951

Slvr -22 2725

 

2-yr -.002 0.137%

5-yr +.003 0.277%

10yr unch 0.687%

30yr -.011 1.436%

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