Market Closes - July 1, 2020

Posted on Jul 1, 2020

Corn Jly +10 348 (337-51); Dec +10 360 (349-63)

Bean Jly +9 894 (883-98); Nov +17 899 (881-902)

  Meal +6 293

  Oil +23 2821

Wheat Jly +9 499 (490-99); Dec +7 506

  KC +7 442; MGE -2 507

Oats +4 337

Rice Jly +143 1594; Sep +12 1234

 

LC Aug +102 9730; Oct +95 10067; Dec +85 10450

FC Aug +22 13307; Oct +80 13490; Jan +112 13555

LH Jly -37 4480; Oct -107 4827; Dec -55 5117

Milk Jly +46 2281; Aug +68 2043

CBOT futures closed strongly higher led by the extended rally in corn futures tied to Tuesday’s bullish acreage report. Corn futures are at 3-month highs. Soybean futures rallied on fund buying amid the smaller acreage and forecasts for warmer and drier weather than normal into mid-July. Wheat futures tagged along with corn. We’re now in a weather market while watching for China to get busier buying U.S. soybeans and maybe corn. Technically, August and November soybeans stopped just shy of closing the down gaps posted February 26. If the gaps are exceeded, there may be room for a 25-30 cent rally from tonight’s closes.

Cattle futures closed higher and well above the day’s lows set mid-morning when corn futures were trading sharply higher. Cash cattle prices are slightly weaker than last week’s trade. Live is near $95/cwt and carcass price is $153-155/cwt. Choice beef slid 1.59 to 205.38 and Select fell 1.47 to 198.43. 

Lean hog futures closed moderately lower as backed up hog supplies maintain pressure on the cash hog and pork markets. FOB Plant Pork edged up .50 to 63.62. Each primal had sizable price changes, but it balanced out for the overall cutout value. Ham value jumped 19%; bellies rose 6%; and loin value fell 10%.

US$ -.2% 97.15

Dow -78 25735

SP +16 3116

NAS +96 10155

Tran -20 9153

   VIX -1.81  28.62

 

WTI +48 3982

Brent +67 4194

Gas +1 122

NG -6 169

HO +1 120

Eth +4 125

Gold -21 1779

Slvr -32 1822

2-yr +.008 0.162%

5-yr +.020 0.308%

10yr +.020 0.673%

30yr +.009 1.420%

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