Market Closes - September 23, 2020
Posted on Sep 23, 2020Corn Dec -1 368 (366-70); Mar -1 377
Bean Nov -5 1014 (1011-25); Mar -5 1013
Meal +5 342 (336-46)
Oil -98 3269
Wheat Dec -9 549; Jly -7 561 (558-70)
KC -7 484; MGE -7 533
Oats -1 288
Rice -3 1249
LC Oct +67 10715; Dec +102 11120; Feb +60 11480
FC Sep +30 14200; Nov +47 14165; Jan +50 13995
LH Oct +117 6950; Dec +25 6435; Feb unch 6907
Milk Sep +6 1633; Oct +13 1855; Nov unch 1816
Except for soybean meal, CBOT futures closed lower with wheat and soybean oil leading the way down. Futures were pressured by minimal daily export sales announcements, a stronger US Dollar, bearish outside markets and favorable harvest weather. While corn closed mid-range, soybeans and wheat ended near the day’s lows. Given weak fundamentals, wheat futures will usually outrun corn and soybeans on down days.
Cattle futures closed higher but remain below recent highs. Feeder futures remain in a short-term downtrend. Yesterday’s Cold Storage report showed a typical increase in frozen beef stocks for August. Choice beef gained .43 to 215.87 and Select rose 1.30 to 207.60.
Lean hog futures closed stronger in the October LH contract but slightly weaker in April 2021-forward contracts. October LH moved to new highs for this extended rally off the August 3 lows – for a total $21.50 rally. While Tuesday’s Cold Storage report showed a small increase in frozen pork stocks, it is still 23% below the year-ago level. FOB Plant Pork closed up .31 at 88.97. Ham value rose nearly 4%. Picnic value fell 6%. Traders anticipate Thursday’s Hogs and Pigs report will show the breeding herd around 2.5% below the September 1, 2019 level.
US$ +.4% 94.39
Dow -525 26763
SP -79 3237
NAS -331 10633
Tran -120 11095
VIX +2.18 29.04
WTI -25 3955
Brent -27 4145
Gas +1 117
NG +36 219
HO steady 110
Eth -1 131
Gold -44 1863
Slvr -164 2288
2-yr +.005 0.141%
5-yr +.012 0.272%
10yr +.010 0.674%
30yr +.006 1.421%
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