Market Closes - September 28, 2020

Posted on Sep 28, 2020

Corn Dec +1 367 (360-70); Mar +2 375

Bean Nov -6 996 (991-1007); Mar -5 996

  Meal -4 333 (328-38)

  Oil +45 3329 (3256-3334)

Wheat Dec +6 550; Jly +6 562 (551-63)

  KC +7 483; MGE unch 529

Oats -7 275

Rice +1 1246

 

LC Oct +37 10795; Dec +25 11165; Feb +42 11502

FC Oct +60 14092; Jan +32 13915; Mar -17 13817

LH Oct +95 7270; Dec -40 6402; Feb -77 6870

Milk Sep unch 1635; Oct -2 1886; Nov -15 1838

CBOT futures closed widely mixed with sizable trading ranges. Corn and soybean futures somewhat mirrored each other today as corn finished high range and soybeans ended low range. This morning export shipments report didn’t have any surprising numbers. Since the September 18 peak, soybean futures have been trending lower, having now given up around 50 cents. Accelerating soybean harvest with minimal carry in the market is exerting harvest pressure.

U.S Crop Progress
Corn is 75% mature vs 59% last week and 65% 5-yr avg
Corn harvest is 15% complete vs 16% for 5-yr avg

Soybeans are 74% dropping leaves vs 59% last week and 69% 5-yr avg
Soybean harvest is 20% complete vs 15% for 5-yr avg

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
    (  )change from last week
Corn         61%(unch)  14%(unch)
Soybean   64%(+1)     10%(unch)
Pasture    26%(-1)       40%(-1)

 

LC Oct +37 10795; Dec +25 11165; Feb +42 11502

FC Oct +60 14092; Jan +32 13915; Mar -17 13817

LH Oct +95 7270; Dec -40 6402; Feb -77 6870

Cattle futures closed slightly higher but near the top of the day’s range after opening lower. Today’s gains were impressive given Friday’s bearish Cattle on Feed Report and today’s weaker boxed beef. Choice dropped 1.62 to 217.72 and Select slipped .56 to 206.42. Cash trade is not established. Last week’s live trade was at $105 and dressed purchases at $165/cwt.

Lean hog futures closed mixed with the October LH closing up on a very strong pork cutout. FOB Plant Pork finished up 2.07 at 93.39, lower than the morning quote of 97.04. Ham value jumped 6% to 90.55 and bellies rose 3.45 to 153.61.

US$ -.3% 94.27

Dow +410 27584

SP +53 3352

NAS +204 11118

Tran +171 11441

  VIX -.19 26.19

 

WTI +35 4060

Brent +51 4243

Gas +3 125

NG -4 210

HO +1 114

Eth +2 133

Gold +16 1882

Slvr +51 2360

 

2-yr -.002 0.129%

5-yr -.001 0.266%

10yr +.002 0.661%

30yr +.017 1.422%

 

USDA Crop Yield Update Sept. 30 Deadline Fast Approaching

USDA’s Farm Service Agency (FSA) reminds farm owners of the September 30 deadline to update Price Loss Coverage (PLC) program yields for covered commodities on the farm. This is a one-time opportunity for producers to update yields, which are used to calculate 2020 through 2023 payments.

Updating yields requires the signature of one owner on a farm and not all owners. If a yield update is not made, no action is required to maintain the existing base crop yield on file with FSA.

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