Market Closes - June 1, 2020
Posted on Jun 1, 2020Corn Jly -2 323 (319-28); Dec -3 336 (333-40)
Bean Jly unch 840 (834-49); Nov unch 852 (846-60)
Meal unch 283 (282-86)
Oil +22 2760
Wheat Jly -5 515 (511-21); Dec -4 528
KC -8 462; MGE -4 521
Oats +5 330
Rice +90 1811
LC Jun -142 9830; Oct -5 10137; Dec +47 10517
FC Aug +77 13612; Oct +175 13777; Jan +225 13647
LH Jun -225 5460; Aug -162 5510; Oct -197 5035
Milk Jun +41 1891; Jly +23 1791
After trading some really wide ranges, CBOT futures closed fairly narrowly mixed (excluding big gains in oats and rice). Reports that China was going to slow or stop purchases of soybeans (and pork) pressured futures late in the overnight session. However, futures rebounded when trading opened at 8:30 a.m. CDT. Tensions between the U.S. and China will continue to hang over the markets. While the crops need some heat to recover from a cool spring, the revised 30-day forecast from the NWS calls for above to much above normal temperatures for June. Moisture will be normal to below normal. Click HERE to see the maps.
U.S Crop Progress
Corn is 93% planted vs 88% last week and 89% 5-yr avg.
78% of U.S. corn is emerged, compared to 73% 5-year average.
Soybeans are 75% planted vs 65% last week and 68% 5-yr avg.
52% of U.S. soybeans are emerged, compared to 44% 5-yr avg.
Winter Wheat Harvest
3% harvested, compared to 2% 5-yr avg.
U.S Crop Conditions
Crop Good/Exc Poor/V.Poor
Corn 74% 4%
Soybean 70% 4%
Winter Wheat 51% 19%
Pasture 51% 16%
LC Jun -142 9830; Oct -5 10137; Dec +47 10517
FC Aug +77 13612; Oct +175 13777; Jan +225 13647
LH Jun -225 5460; Aug -162 5510; Oct -197 5035
Cattle futures closed mostly higher except for the 3 nearby Live Cattle contracts. June LC was pressured by lower boxed beef values. Choice beef fell a sharp 22.19 to 341.15 and Select down 23.24 to 316.83. Midday quotes were only down 13.03 and 10.40, respectively. 166 loads traded. USDA reports fed steer carcasses averaged $186/cwt. Formula cattle carcasses averaged 876 pounds and $189.57/cwt. Last week’s average dressed weight was 820 pounds, up 4 pounds from the previous week and up 30 pounds from a year ago.
Lean Hog futures closed sharply lower as cash hog price and the pork cutout value dropped. Weakness was due in part to reports that China’s state-owned firms were directed to halt purchases of U.S. pork. Some analysts question how long that can last. For week ending May 21, pork export shipments of 34,500 MT were down 31% week/week and down 11 percent from the 4-week avg. 15,200 MT went to China. Today’s hog slaughter was light at 403,000 head. FOB Plant Pork dropped 7.16 to 81.04 with loin value down a whopping 25.41 to 112.08. The only cut higher in value was bellies at 92.36, up 6.93.
US$ -.5% 97.80
Dow +92 25475
SP +11 3056
NAS +62 9552
Tran -4 8966
VIX +.73 28.24
WTI -5 3579
Brent +48 3832
Gas -1 107
NG -7 177
HO -1 103
Eth +1 116
Gold -1 1750
Slvr +33 1883
2-yr +.002 0.158%
5-yr +.005 0.305%
10yr +.018 0.662%
30yr +.057 1.461%
NASS Survey Update!
In the first two weeks of June, NASS will gather information about this season’s crop production, supplies of grain in storage, and livestock inventory. The information will help producers, suppliers, traders, buyers and others make informed business decisions. The results will be available on June 25 in the Hogs and Pigs report and on June 30 in the Acreage and Grain Stocks reports.
Farmers should watch for their surveys and be sure to respond. Your information matters!
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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