Market Closes - June 1, 2016

Posted on Jun 1, 2016

CBOT futures traded lower overnight, but when trading reopened at 830 am CT, prices soared and kept going right into the closing bell. Yesterday’s profit-taking turned to aggressive buying to start the month of June. The corn charts appear bullish with outside up days.  The large spec funds were big buyers of futures – adding to large long positions in corn and soybeans. They also have a big short position in wheat. Price action is very much a function of “money flow” and less so, the fundamentals. The big question is when will LaNina develop and how much will it impact US crops. Looks like a long summer is ahead with volatile prices.  

Cattle futures closed mixed but much closer to the highs than the lows which occurred early in the day. Cattle found some support from a strong boxed beef market, improving beef packer margins and spillover support from the Lean Hog futures market. Choice carcasses up 1.01 at 222.35; Select was down 0.20 at 201.17.

Lean Hog futures closed moderately higher after seeing some weakness in the morning in sympathy with cattle’s big losses. LH futures were supported by a strong pork market. FOB Plant Pork jumped 1.27 to 85.62 and stronger values for hams, bellies and butts.

Corn Jly +9 414; Dec +8 416 (405-17)

Bean Jly +21 1100; Nov +13 1068 (1045-70)

  Meal +2 399

  Oil +37 3219

Wheat Jly +9 474 (463-75); Dec +9 503

  KC +9 456; MGE +8 529

Oats +1 190

Rice +5 1100

LC Jun +32 12142; Oct -37 11695; Dec +10 11692

FC Aug -67 14642; Oct -20 14330; Jan +30 13522

LH Jun +57 8115; Aug +137 8222; Oct +95 6917

Milk Jun +8 1287; Jly +11 1309
 

US$ -.5%

Dow +2 17790

SP +2 2099

NAS +4 4952

Tran -25 7773

  VIX +.01 14.20

 

WTI -19 4891

Brent -17 4972

Gas unch 162

NG +9 238

HO unch 150

Eth unch 165

Gold -3 196

Slvr -7 1593
 

2-yr +.028 0.903%

5-yr +.023 1.383%

10yr +.005 1.839%

30yr -.012 2.618%

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