Market Closes - June 16, 2020

Posted on Jun 16, 2020

Corn 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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