Market Closes - June 13, 2016

Posted on Jun 13, 2016

CBOT futures closed mixed in a volatile trading session. Futures moved higher Sunday evening when markets opened due to weather concerns. However, prices turned lower during the morning trade.  Corn performed the best due to strong export inspections for last week and the fact that corn will be the first crop to be hurt by hot and dry conditions. Soybean futures closed 25-30 cents below the day’s highs, creating negative chart signals. November Soybean actually made a new high for this spring rally. This is a weather market in which the speculators have already built huge long positions. Risk management suggests you put a price floor under this market while hoping the bull jumps even higher.

Corn Conditions
.        Good/Excellent  Poor/V.Poor

This Week      75%           4%

Last Week      75%           4%

Last year      73%           5%

 

Soybean Conditions
.        Good/Excellent  Poor/V.Poor

This Week      74%           4%

Last Week      72%           4%

Last year      67%           6%

 

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor

This Week       61%           9%

Last Week       62%           9%

Last year       43%          22%

   Harvested:  11% vs 9% last year and 18% for 2011-15.

Cattle futures closed limit down on heavy liquidation by the longs as they lose confidence that beef demand will support cash prices.  Boxed beef finished weaker -- Choice down 0.11 at 227.56; Select down 2.31 at 201.99. Higher corn prices added pressure to Feeder Cattle futures.

Lean Hog futures closed mixed with June LH weaker and the August and October LH up strongly. LH were supported by higher pork values but pressured by limit-down losses in cattle futures. FOB Plant Pork climbed .97 to 87.29 with loin value up 6 percent.

US equity markets were down sharply for the second straight day. The VIX, a measure of market risk or fear, soared today to levels not seen since February. Traders are worried about the economic impact of “Brexit” – the approaching vote in Britain to leave the European Union.

Corn Jly +7 430; Dec +9 440 (hi 436-447)

Bean Jly -9 1169 (hi 1199); Nov -4 1159 (hi 1186)

   Meal -6 408

  Oil -25 3251

Wheat Jly -4 491 (491-503); Dec -1 523

  KC -8 461; MGE +2 540

Oats +3 205

Rice -4 1131

 

LC Jun -300 limit 11945; Oct -300 11380; Dec -290 11395

FC Aug -450 limit 14105; Oct -450 13815; Jan -450 12982

LH Jun -45 8182; Aug +120 8782; Oct +57 7337

Milk Jun +6 1331; Jly +75 1529

 

US$ -.3%

Dow -133 17732

SP -17 2079

NAS -46 4848

Tran -89 7676

  VIX +3.94  20.97

 

WTI -51 4856

Brent -52 5002

Gas -3 153

NG +3 258

HO -1 151

Eth +4 170

Gold +11 1285

Slvr +12 1745

 

2-yr -.021 0.718%

5-yr -.034 1.131%

10yr -.026 1.613%

30yr -.021 2.426%

Kentucky Weekly Livestock Summary for the week of Jun 6 through 11, 2016.
Receipts
This Week            Last Week         Last Year
15,958               8,915             17,526

  Compared to last week, steer calves sold mostly steady to 3.00 higher with moderate to good demand.  Heifer calves were mostly 1.00 to 4.00 higher with good demand.  Yearling steers and heifers were mostly steady to 3.00 higher with moderate supply and good demand.  Overall quality was good through attractive.  Slaughter cows sold steady to 2.00 higher with moderate to good demand and slaughter bulls steady to 3.00 higher with moderate to good demand. 

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