Market Closes - June 11, 2020
Posted on Jun 11, 2020Corn 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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