Market Closes - June 15, 2020
Posted on Jun 15, 2020Corn 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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