Market Closes - June 16, 2020
Posted on Jun 16, 2020Corn Jly unch 329 (328-34); Dec +1 343 (341-47)
Bean Jly -2 867 (865-73); Nov -3 873 (872-80)
Meal Jly unch 288 (287-89)
Oil +25 2799
Wheat Jly -9 496 (491-507); Dec -8 509
KC -7 438; MGE unch 515
Oats Jly -16 303; Sep -3 284
Rice Jly -95 1573; Sep -6 1203
LC Jun +25 9632; Oct +110 9975; Dec +100 10387
FC Aug +170 13287; Oct +192 13547; Jan +192 13522
LH Jly -262 4965; Oct -150 5172; Dec -137 5257
Milk Jun +4 2064; Jly +13 1940
CBOT futures closed mostly steady to sharply lower (wheat, oats, rice). Futures opened higher Monday evening and held those gains until this morning when selling appeared. Corn had been supported by the 4-point drop in its good/excellent rating. However, losses in Chicago/KC wheat weighed on corn futures. Chicago Wheat made new lows not seen since last September. Soybeans also closed poorly given a lack of fresh export sales to China. Weather forecasts will increasingly matter.
Cattle futures closed higher in narrow ranges with feeders posting the biggest gains. Cattle were supported by Monday’s strong finish and a very strong stock market based on better than expected retail sales for May and optimism on COVID treatment. Slaughter is mostly back to normal. Choice beef dropped .72 to 227.89 and Select fell 1.18 to 213.17.
Lean hog futures closed sharply lower and near the day’s lows. Today’s closes in the July and August LH were new contract low closes, but not contract lows. LH was pressured by Monday’s sharp drop in the cutout and more weakness in cash hog prices. Pork rebounded this afternoon. FOB Plant Pork slid 1.19 to 64.27 with bellies down 9% while hams rose nearly 3% and picnics rose over 4%.
US$ +.5% 97.00
Dow +527 26290
SP +58 3125
NAS +170 9896
Tran +100 9260
VIX -.73 33.67
WTI +82 3825
Brent +101 4073
Gas +3 119
NG -5 161
HO +4 118
Eth +4 120
Gold +9 1736
Slvr +23 1763
2-yr +.014 0.203%
5-yr +.018 0.344%
10yr +.048 0.750%
30yr +.091 1.540%
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