Market Closes - June 12, 2019

Posted on Jun 12, 2019

Corn Jly +2 430 (424-34); Dec +1 448 (443-53)

Bean Jly +19 878 (853-83); Nov +18 905 (881-910)

  Meal +5 319

  Oil +34 2756

Wheat Jly +8 526 (513-28); Dec +10 542

   KC +5 463; MGE -5 565

Oats -3 300

Rice +16 1174

 

LC Jun -102 10965; Oct -147 10637; Dec -165 11110

FC Aug -32 13780; Oct -82 13815; Jan -130 13665

LH Jun -5 7902; Aug -45 8252; Oct -77 7612

Milk Jun -6 1629; Jly -12 1672

 

After trading generally sideways overnight, CBOT futures rallied soon after markets re-opened at 830 am CDT, and closed steady to sharply higher, led by the soy complex. While corn rose sharply yesterday after the friendly USDA reports, soybean futures had a delayed rally. Trader’s may have realized that USDA’s production adjustments for soybeans will come in July. The spec funds were huge buyers of soybean futures. Possibly we’ve seen the largest USDA estimate of the year for 2019/20 ending stocks – forecast yesterday at 1.045 billion bushels. The corn rally paused today with December Corn failing to push through the contract high of 4.54. One technical analyst sees potential to $4.87 if December Corn decisively moves above $4.55.

After opening a bit higher, cattle futures sold off and closed moderately lower. Cattle were pressured by demand concerns and lower boxed beef values. Choice slipped .24 to 222.15 and Select fell 1.52 to 206.73.

Lean Hog futures closed lower on weaker pork values and continued uncertainty about US/China trade relations. FOB Plant Pork dropped 1.25 to 82.51; belly value fell over 3% and rib & butt values were down 4%. The June LH contract has now given up $21 of the $26 March/April rally caused by China’s ASF losses.

Crude Oil futures fell sharply as data showed a larger than expected increase in crude inventories. Stocks are the highest since two years ago. Oil futures haven’t been this low since January.

US$ +.3%

Dow -44 26005

SP -6 2880

NAS -30 7793

Tran +48 10247

  VIX -.08

 

WTI -219 5108

Brent -242 5987

Gas -8 168

NG -2 238

HO -5 178

Eth unch 151

Gold +6 1337

Slvr +2 1476

 

2-yr -.037 1.883%

5-yr -.035 1.872%

10yr -.020 2.120%

30yr unch  2.616%

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