Market Closes - September 23, 2020

Posted on Sep 23, 2020

Corn 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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