Market Closes - June 12, 2017

Posted on Jun 12, 2017

CBOT futures closed sharply lower and near the low end of the day’s trading range. The day’s highs were set generally in the overnight session followed by the day-long price decline.  Pressure came from increased chances of rain across the Corn Belt and in the droughty spring wheat states.

Week ending June 11
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      67%         8%
Last Week      68%         6%
Last year      75%         4%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      66%         6%
Last Week        Not Available
Last year      74%         4%

** 77% emerged vs 73% average

U.S. Pasture and Range
64% good/excellent vs 66% year ago.
11% poor/v.poor vs 8% year ago.


Cattle futures closed sharply lower and near the day’s lows. Futures opened near steady at the 830 am CT opening and then sank to the lows by mid-morning. Several contracts fell to/near the daily limit ($3.00 LC / $4.50 FC) before recovering some. Markets were pressured by concerns about the cash market and the general commodity bearishness today. However, boxed beef strengthened -- Choice beef closed up 1.31 at 252.52 and Select gained 1.48 at 221.77.  Selling accelerated once chart support levels were broken.
 

Lean Hog futures closed mixed with the June LH contract holding up well in light of $2.00 losses in the July and August contracts. June LH expires on Wednesday. Pressure came from sharp losses in cattle futures and weaker cash hog prices. FOB Plant Pork ended up .69 to 93.14 with a sharp jump in the value of bellies. The midday quote was only 92.42.

Corn Jly -10 377; Dec -10 395 (394-405)

Bean Jly -10 931; Nov -10 938 (936-50)
  Meal -4 302
  Oil -35 3194

Wheat Jly -12 434 (431-44); Dec -10 471

    KC -9 443; MGE -6 600

Oats -2 250

Rice -2 1130

 

LC Jun -290 12835; Oct -167 11820; Dec -167 11882

FC Aug -262 15155; Oct -247 14980; Jan -262 14222

LH Jun -50 8197; Aug -205 8000; Oct -100 6850

Milk Jun +3 1631; Jly +10 1665

 

US$ -.1%

Dow -36 21236

SP -2 2429

NAS -32 6175

Tran +61 9389

  VIX +.76 11.46  +7%

 

WTI +25 4608

Brent +9 4824

Gas -1 149

NG -1 302

HO -1 143

Eth -1 153

Gold -2 1266

Slvr -28 1694

 

2-yr +.024 1.359%

5-yr +.018 1.781%

10yr +.015 2.214%

30yr +.016 2.869%

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