Market Closes - June 15, 2020

Posted on Jun 15, 2020

Corn Jly -1 329 (325-30); Dec -1 341 (339-43)

Bean Jly -2 869 (864-72); Nov -4 876 (871-80)

Meal Jly -1 288 (287-90)

  Oil +24 2774

Wheat Jly +3 505 (497-505); Dec +1 517

  KC -3 446; MGE +2 515

Oats +2 319

Rice +61 1668

 

LC Jun unch 9607; Oct +65 9865; Dec +82 10287

FC Aug +7 13117; Oct +40 13355; Jan +85 13330

LH Jly +60 5227; Oct +7 5322; Dec -5 5395

Milk Jun +22 2064; Jly +74 1928

 

CBOT futures closed narrowly mixed with futures settling closer to the day’s highs than the lows. Early weakness may have been tied to sharp losses in the equity markets and energy futures. However, CBOT futures recovered as the equity and energy markets did. The morning’s weekly export inspections report were on the low end of expectations. There was one small soybean export sale to China announced. Crop ratings tonight are steady for soybeans and 4 points lower for corn (good/excellent share). Traders are focused on weather forecasts to see if there might be a threat to corn/beans. As expected, May soybean crush was reported as record large for the month of May; this makes 6 straight months of record crush.

U.S Crop Progress
Corn is 95% emerged vs 89% last week and 92% 5-yr avg.

Soybeans are 93% planted vs 86% last week and 88% 5-yr avg.
81% of U.S. soybeans are emerged, compared to 75% 5-yr avg.

Winter Wheat Harvest
15% harvested, compared to 15% 5-yr avg.

U.S Crop Conditions
Crop          Good/Exc   Poor/V.Poor
Corn               71%         5%
Soybean         72%         4%
Winter Wheat  50%        19%
Pasture           45%        22%


LC Jun unch 9607; Oct +65 9865; Dec +82 10287

FC Aug +7 13117; Oct +40 13355; Jan +85 13330

LH Jly +60 5227; Oct +7 5322; Dec -5 5395

Cattle futures closed mostly higher after opening lower in sympathy with the sharp drop in U.S. equity markets on concerns that COVID cases are rising. As equities and energy futures rebounded, so did cattle futures. It’s too early for cash market direction, but boxed beef was weaker. Choice beef fell 2.03 to 228.61 and Select lost 4.92 to 214.35. Fed cattle slaughter today was near normal. Last week, live cattle averaged about $105/cwt. Today, some cattle sold as low as $98/cwt. On a dressed basis, steers averaged $165 today. Formula purchases averaged 889 pounds at $180.91. Last week’s F.I. average carcass was 826 pounds, up 2 from the previous week and up 31 pounds from a year ago.

Lean Hog futures closed slightly higher after opening lower like most ag futures did. As slaughter numbers rise, there’s more pressure on pork values. FOB Plant Pork dropped 4.53 to 65.46; this followed last week’s relative stability around $69/cwt. Contributing to the cutout drop was a 30% drop in the ham value, a 6% drop in the loin value, and an 8% drop in picnic value. Last week, the average hog carcass weighed 219 pounds, unchanged from the previous week, but up 5 pounds from a year ago.

US$ -.4% 96.65

Dow +158 25763

SP +25 3067

NAS +137 9726

Tran +78 9160

  VIX -1.69  34.40

 

WTI +92 3743

Brent +99 3972

Gas +4 117

NG -6 167

HO +4 114

Eth -4 116

Gold -10 1727

Slvr -8 1740

 

2-yr +.002 0.193%

5-yr +.016 0.342%

10yr +.021 0.720%

30yr +.015 1.462%

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