Market Closes - June 11, 2020

Posted on Jun 11, 2020

Corn Jly +3 330 (325-31); Dec +2 344 (340-45)

Bean Jly unch 866 (861-69); Nov unch 877 (873-80)

  Meal Jly +1 290 (287-91)

  Oil -50 2750

Wheat Jly -7 499 (498-509); Dec -5 515 (514-24)

  KC -10447; MGE -6 513

Oats +5 319

Rice Jly -150 1456; Sep -31 1192

 

LC Jun +22 9682; Oct -32 9907; Dec -15 10277

FC Aug -50 13217; Oct -80 13400; Jan -37 13337

LH Jun +12 4797; Jly -67 5212; Oct -10 5340

Milk Jun +2 2037; Jly -56 1880

CBOT futures closed widely mixed following today’s USDA WASDE Report which did not contain any major surprises. Corn closed higher and near the day’s highs as 2020/21 ending stocks projection only rose 5 million bushels. Traders with an eye on a warmer, drier forecast ignored the sharp drop in energy futures and a stronger US$. Likewise, the soybean supply-demand report was considered neutral. Soybeans closed steady and midrange after testing both sides of unchanged. Beans were supported by Chinese export sales, primarily for new-crop. U.S. beans remain competitive with Brazil. Wheat futures tumbled on a negative WASDE showing higher production and an unexpected increase in 20/21 global ending stocks to 316.1 MMT, a new record amount. This morning’s weekly export sales report was also negative. Focus will turn to growing weather for corn and soybeans, and China’s purchase activity.

Cattle futures closed mostly lower, albeit by relatively small amounts, and at the high end of the day’s range. Although cash fed prices have weakened, they remain at a premium to June LC. Cattle were supported today by boxed beef values that were more stable today that has been seen the past week. Choice beef slipped .50 to 235.56 and Select dropped 2.96 to 219.88. A strong weekly beef export sales report this morning lifted futures. USDA reported steers traded on live basis $102-107. The dressed basis average was $164.24 for steers. Formula cattle averaged 897 pounds at $184.27.

Lean hog futures closed lower except for the expiring June LH contract. LH was weighed down by disappointing export sales and rising hog slaughter – up 6% compared to last week. FOB Plant Pork gained .62 to 69.46 with modest gains in values of loin, belly and picnic. Ribs jumped 9.67 to 131.90.

US$ +.6% 96.75

DOW -1862 25128

SP -188 3002

NAS -528 9493

Tran -740 8839

  VIX +13.22  40.79

 

WTI -339 3639

Brent -340 3833

Gas -10 111

NG +4 182

HO -9 108

Eth -5 119

Gold +12 1733

Slvr -5 1775

 

2-yr +.024 0.203%

5-yr -.016 0.321%

10yr -.081 0.667%

30yr -.120 1.400%

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