Market Closes - September 17, 2020
Posted on Sep 17, 2020Corn 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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