Market Closes - June 13, 2019
Posted on Jun 13, 2019Corn Jly +12 442 (429-43); Dec +7 456 (448-57)
Bean Jly +10 888 (878-89); Nov +10 915 (905-16)
Meal +2 322
Oil +46 2802
Wheat Jly +9 535 (525-36); Dec +7 550; Jly20 +5 563
KC +5 468; MGE +1 566
Oats +4 304
Rice -9 1165
LC Jun -60 10905; Oct -22 110615; Dec -35 11075
FC Aug -157 13622; Oct -167 13647; Jan -190 13475
LH Jun +20 7922; Aug +30 8282; Oct +110 7722
Milk Jun -1 1631; Jly +16 1688
CBOT futures closed higher with corn taking the lead back from soybeans. With the rest of June looking wetter and cooler than normal, traders are more nervous about production potential this year. In corn, the July/Dec price spread narrowed 5 cents, a sign of end users wanting old-crop supplies. Cash corn basis improved as well in areas. Corn closed above the key price resistance points discussed yesterday.
Cattle futures lost ground again today, especially the feeder futures which were also weighed down by the big increase in corn futures. Slaughter numbers are up and export sales are disappointing. Choice beef slipped a nickel to 222.10 and Select dropped a sharp 2.02 to 204.71.
Lean Hog futures closed higher except for the July LH which lost a dollar/cwt, narrowing its premium to the nearby June LH. The disappointing pork export sales report and much uncertainty for the US/China trade deal are negative factors. FOB Plant Pork rose .50 to 83.01 with ribs up nearly 4%.
US$ +.1%
Dow +102 26107
SP +12 2892
NAS +44 7837
Tran +100 10347
VIX -.09 15.82
WTI +109 5224 (high 5345)
Brent +137 6134
Gas +4 172
NG -6 233
HO +3 181
Eth +4 155
Gold +9 1346
Slvr +14 1489
2-yr -.055 1.834%
5-yr -.047 1.834%
10yr -.034 2.093%
30yr -.024 2.600%
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