Market Closes - July 1, 2020
Posted on Jul 1, 2020Corn 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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