Market Closes - September 30, 2020

Posted on Sep 30, 2020

Corn 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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