Market Closes - June 16, 2016

Posted on Jun 16, 2016

CBOT futures closed lower but off the day’s lows. Markets were pressured by less threatening weather forecasts and technical selling, including funds liquidating some long positions – especially in soybeans, meal and soyoil. Sharply lower energy futures also weighed on futures. Wheat continued to drop in sympathy with corn and soybeans amid bearish fundamentals and advancing wheat harvest.  Also the July Chicago Wheat closed below the 100-day moving average. July Corn has support at 4.19-4.20.

Live Cattle futures closed mixed with weakness in the nearby contracts. However, the closes were far above the day’s lows. Although boxed beef values and cash cattle prices were down today, late-day buying occurred on short-covering with June LC still at a sharp discount to cash. Choice down 2.94 at 223.48; Select down 1.51 at 202.75. Choice was only down 1.43 at midday.

Lean hog futures were also lower most of the day but followed the cattle rally to finish slightly higher. FOB Plant Pork fell .32 to 87.08. LH futures remain near the highs of this May-June rally.

Corn Jly -4 425; Dec -4 436 (431-41)

Bean Jly -21 1134; Nov -19 1119 (1108-43)

Meal -9 398

  OIL -80 3116

Wheat Jly -5 472 (471-79); Dec -6 504

  KC -6 451; MGE -1 529

Oats unch 204

Rice -30 1131

 

LC unch 11727; Oct -22 11330; Dec -37 11405

FC Aug -62 13962; Oct -97 13715; Jan +7 13010

LH Jly +25 8707; Oct +35 7450; Dec +7 6695

Milk Jun -6 1322; Jly -32 1506

 

US$ steady

Dow +93 17733

SP +10 4845

NAS +10 4845

Tran -23 7546

  VIX -.77 19.37  -3.8%

 

WTI -202 4599

Brent -192 4705

Gas -4 146

NG -1 258

HO -6 142

Eth -3 166

Gold -5 1281

Slvr -30 1720

2-yr +.003 0.689%

5-yr -.006 1.091%

10yr -.015 1.579%

30yr -.027 2.396%

Lexington, KY - Blue Grass Stockyards

Cattle Weekly Summary Report for the week ending 06/14/16

Receipts:  939   Last Week:  834   Year Ago:  2211

 Compared to last week steer calves sold steady to 3.00 lower and heifer calves 2.00 to 4.00 lower with moderate demand.  Featherweight calves and bull calves 5.00 to 10.00 lower.  Yearlings sold 2.00 to 4.00 lower.  Lower CME cattle futures softened the market this week.  Quality was average through good.  Slaughter cows sold 2.00 lower with moderate demand.  Slaughter bulls sold steady with moderate demand.