Market Closes - June 15, 2016

Posted on Jun 15, 2016

CBOT futures closed sharply lower and at/near the day’s lows. Futures traded higher overnight; however, when trading reopened at 830 am, futures headed lower and trended down into the closing bell.  Corn/beans were pressured by improved rain prospects next week. The spec funds sold to take some money off the table. Wheat fell below key moving average support and soybeans are testing the same. July Corn charted a double-top, while December Corn hit a new high for the move and reversed to close down sharply.  Still a weather market and every new forecast can change the money flow/price direction. But the expectation that La Nina will develop this summer and damage the crops could keep buyers interested. Price volatility is about the only sure bet.

After a one-day reprieve yesterday, cattle futures resumed the sell-off on long-liquidation and technical selling. A weak boxed beef market weighed on the market. Choice down 1.92 at 226.42; Select up 0.19 at 204.26. Cash markets will have to show strength to turn futures around.

Lean Hog futures closed mixed with July erasing much of yesterday’s gains.  In contrast, the October LH hit a new contract high. FOB Plant Pork dropped .43 to 87.40. This was up .29 at midday.

US equities sold off late in the day to close lower for the 5th straight day; this hasn’t happened since February. The FOMC voted unanimously to not raise its key interest rate. The market’s attention is now on the BREXIT vote which occurs next Thursday, June 23. 
 

Corn Jly -7 429 (428-39); Dec -7 439 (439-48)

Bean Jly -13 1156 (1154-78); Nov -11 1138 (1137-57)

  Meal -1 407

  Oil -56 3196

Wheat Jly -7 477 (477-90); Dec -8 510

  KC -2 457; MGE -2 530

Oats -2 204

Rice +32 1161

 

LC Jun -177 11727; Oct -132 11352; Dec -125 11442

FC Aug -190 14025; Oct -132 13812; Jan -142 13002

LH Jly -125 8682; Oct +35 7415; Dec +125 6687

Milk Jun -3 1325; Jly +38 1530

US$ -.3%

Dow -35 17640

SP -4 2071

NAS -9 4835

Tran +4 7569

  VIX -.36 20.14  -1.8%

 

WTI -100 4749

Brent -124 4859

Gas -2 150

NG -1 259

HO -3 147

Eth -5 169

Gold +5 1291

Slvr +12 1754

 

2-yr -.052 0.670%

5-yr -.058 1.073%

10yr -.036 1.575%

30yr -.015 2.409%

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