Market Closes - September 30, 2020
Posted on Sep 30, 2020Corn Dec +14 379 (362-83); Mar +14 388; Dec21 +8 391
Bean Nov +30 1023 (987-1035); Mar +27 1021; Nov21 +19 966
Meal +12 340 (326-45)
Oil +50 3337
Wheat Dec +28 578; Jly +21 582 (559-91)
KC +34 510; MGE +16 540
Oats +8 286
Rice -3 1247
LC Oct -35 10855; Dec -77 11235; Feb -35 11587
FC Oct -157 14135; Jan -137 14030; Mar -107 13912
LH Oct +42 7280; Dec +112 6310; Feb +100 6800
Milk Oct +25 1952; Nov +2 1860
CBOT futures closed sharply higher in response to a bullish Quarterly Grain Stocks Report released at Noon EDT. USDA shocked the market with September 1, 2020, corn and soybean stock levels far below what traders expected. Old-crop 2019-20 ending corn stocks were estimated at 2.00 billion bushels, down 10 percent from a year earlier. Old-crop soybean stocks on September 1, 2020, totaled 523 million bushels, down 42 percent from a year ago. These new stocks estimates will force similar adjustments in the next WASDE Report’s supply-demand tables. USDA made adjustments in 2019 acreage and yields to line up with the new stocks and use estimates. Corn, Chicago wheat and KC Wheat spiked to new highs not seen in 7-8 months. Wheat rallied in sympathy with corn and soybeans, but was also supported by dry weather concerns in Russia and the U.S.
Cattle futures closed lower and toward the low end of the range. Early gains couldn’t hold, leading to trading ranges similar to yesterday’s. Prices were weighed by October LC’s premium to the cash market. Choice beef ended up .58 to 217.74 and Select gained .55 to 207.54. The latest cash trading has been light at $107/cwt live and $167/cwt dressed. Formula cattle averaged 897 pounds and $167.30/cwt.
Lean hog futures closed moderately higher but near the day’s highs. Support came from October LH’s discount to the CME cash index. FOB Plant Pork slipped .38 to 91.37, compared to 91.20 in the morning. Two percent losses in the value of ham and belly were offset by gains in the other four primals.
US$ steady 93.82
Dow +329 27782
SP +28 3363
NAS +82 11168
Tran -71 11230
VIX +.1 26.37
WTI +56 3985
Brent -8 4095
Gas unch 120
NG -4 210
HO +4 115
Eth +2 139
Gold -13 1890
Slvr -110 2334
2-yr +.006 0.131%
5-yr +.028 0.278%
10yr +.041 0.686%
30yr +.056 1.462%
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