Market Closes - June 1, 2015

Posted on Jun 1, 2015
CBOT futures closed mixed with big moves in wheat, soymeal and soybean oil. The large funds reportedly were very active today buying wheat and soyoil, while selling beans and meal. July Meal fell sharply after breaking below strong chart support near $302/ton. It’s reported that the funds are near-record short in corn and soybean futures and have a large short in wheat. Short-covering is probably what boosted wheat futures as traders are concerned about crop loss in the southern Plains. Some of that wheat is likely to compete with corn as feedwheat. Soybeans were pressured by settlement of labor problems in Argentina.

Corn Emergence Progress . 5/31/15 5-yr average U.S. 84% 79% (77% last year) KY 82% 79% (79% last year)

Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 74% 3% Last Week 74 3 Year Ago 76 2

Soybean Planting Progress . 5/31/15 5-yr average U.S. 71% 70% (75% last year) KY 49% 48% (49% last year)

Winter Wheat Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 44% 20% Last Week 45% 19% Last year 30% 44%

Pasture Conditions 61% good/excellent vs 10% poor/v.poor

Cattle futures closed moderately higher on a rebound from Friday’s sharp losses which the cash market didn’t support as fed cattle only dropped about a dollar/cwt to the $159-160 area. Choice Beef dropped .71 to 254.28 and Select gained .79 to 244.62.

Lean Hog futures also closed higher on a recovery from Friday’s big losses. FOB Plant Pork is up .30 at 87.10.

Corn Jly +1 352; Dec +1 369 Bean Jly -8 926; Nov -4 901 Meal Jly -9 297; Oct -6 286 Oil +118 3451 Wheat Jly +17 494; Dec +16 513 KC +15 514; MGE +17 548 Oats +10 244 Rice +14 965

LC Jun +82 15315; Oct +92 15385; Feb +87 15500 FC Aug +60 22355; Oct +80 22115; Jan +57 21322 LH Jun +82 8465; Oct +90 7352; Dec +55 6977 Milk Jun +18 1700; Jly +20 1762

 

US$ +.6% Dow +30 18040 SP +4 2112 NAS +13 5083 Tran +94 8394 VIX +.13 13.97

WTI -7 6023 Brent -68 6488 Gas -2 205 NG +1 265 HO -2 192 Eth -3 150 Gold -1 1189 Slvr +2 1672

2-yr +.044 0.649% 5-yr +.080 1.549% 10yr +.088 2.183% 30yr +.088 2.935%

Tagged Post Topics Include: Economics, Market updates