Market Closes - July 7, 2016

Posted on Jul 7, 2016

CBOT futures closed steady to sharply lower, with most contracts closing at or near the day’s lows. Futures rallied strongly going into the morning break in trading. But traders came back to their computer screens at 830 am CT and hit the SELL button – all day long.  November Soybeans dropped 50 cents from 830 am to 115 pm; December Corn lost a dime during the day session. Bearish factors include plentiful moisture, favorable forecasts, sharply lower crude oil futures, and liquidation by the speculative funds. September Crude closed below chart support at the June lows; Sep Oil hasn’t been this low since May 11. Crude inventories did not fall as much as traders expected.  Corn was supported by a drop in the Brazilian corn estimate.

If you’re wondering, the next Crop Production report and Supply-Demand update are on July 12.
 

Cattle futures closed lower on continued concern for market fundamentals.  Cash trade won’t develop until Friday. Choice Beef closed up .97 at 210.05 and Select was up a nickel at 196.98.
 

Lean Hog futures closed lower but in the middle of the day’s trading range. LH were pressured by the cattle losses and a weaker hog market. A strong midday pork market helped shrink the early losses. FOB Plant Pork closed down .58 at 89.49 with big losses in loins, ribs and hams offset by gains in butts, picnics and bellies. This is over 2.00 lower than the midday FOB Plant quote.

Corn Sep unch 342; Dec unch 348 (347-60)

Bean Aug -51 1050; Nov -48 1025 (1023-87)

  Meal -16 367

  Oil -57 2979

Wheat Sep -3 425; Dec -2 446

  KC -2 412; MGE -7 495

Oats +1 194

Rice +31 1090

 

LC Aug -100 11180; Dec -70 11327; Feb -42 11315

FC Aug -95 14362; Oct -120 14127; Jan -120 13457

LH Jly -52 8105; Oct -42 6947; Dec -27 6272

Milk Jly +3 1517; Aug +20 1612

 

US$ +.2%

Dow -23 17896

SP -2 2098

NAS +18 4877

Tran +35 7493

  VIX -.20 14.76

 

WTI -224 4519

Brent -233 4647

Gas -6 137

NG -2 276

HO -6 141

Eth -1 156

Gold -3 1364

Slvr -47 1973

 

2-yr +.008 0.593%

5-yr -.001 0.961%

10yr +.005 1.390%

30yr -.012 2.140%
 

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