Market Closes - June 17, 2019

Posted on Jun 17, 2019

Corn Jly +2 455 (450-64); Dec +5 468 (464-73)

Bean Jly +16 913 (901-14); Nov +16 939 (927-40)

  Meal +1 324

  Oil +53 2814

Wheat Jly +1 539 (537-49); Dec +1 554; Jly20 +3 564

  KC -1 475; MGE -3 560

Oats -5 297

Rice -2 1161

 

LC Jun +67 10945; Oct +122 10670; Dec +72 11067

FC Aug +140 13692; Oct +140 13715; Jan +132 13517

LH Jly +170 8305; Oct +167 7677; Dec +112 7527

Milk Jun -3 1628; Jly -4 1681

CBOT futures closed mostly higher, but only soybeans and soybean oil closed strongly (near the day’s highs). The overnight rally failed in corn and wheat. The specs were reportedly sizable buyers in soybean futures as they are likely still covering their short positions. Wheat futures appear to be following corn, with US prices not competitive in world market.

Week ending June 16

U.S. corn planted = 92% compared to 100% for 5-year average.

U.S. soybean planted = 77% compared to 93% for 5-yr average.

 

U.S. Corn Conditions

.      Good/Excellent  Poor/V.Poor

This Week      59%          10%

Last Week      59%           9%

Last year      78%           4%

  ** 79% Emerged vs 97% average

U.S. Soybeans

  ** 55% Emerged vs 84% average

U.S. Winter Wheat Conditions

64% good/excellent vs 64% last week and 39% last year

9% v.poor/poor vs 9% last week and 33% last year.

U.S. Pasture and Range

71% good/excellent vs 48% year ago.

6% poor/v.poor vs 20% year ago.

 

 

LC Jun +67 10945; Oct +122 10670; Dec +72 11067

FC Aug +140 13692; Oct +140 13715; Jan +132 13517

LH Jly +170 8305; Oct +167 7677; Dec +112 7527

Cattle futures closed higher in apparent short-covering after steady selling hit market last week. Cash trade and boxed beef are not supportive today. Choice fell .41 to 221.82 and Select slipped .25 to 202.51. One good sign is that carcass weights are coming down, so feedlots seem to be current.

Lean Hog futures closed higher on short-covering and bargain hunting following Friday’s sharp drop. Hog fundamentals remain negative as last week’s slaughter was 9.9% above a year ago and pork production was up 12.3% Y/Y. Average dressed weight of 214.0 pounds is 4.0 over year ago. YTD, hogs have averaged 215.0 pounds.  FOB Plant Pork dropped .24 to 82.97 with large moves in various primal cuts.

 

US$ +.1%

Dow +23 26113

SP +3 2890

NAS +48 7845

Tran -106 10199

VIX +.07 15.35

 

WTI -58 5193

Brent -107 6094

Gas -4 169

NG unch 239

HO -3 180

Eth -1 160

Gold -2 1343

Slvr +3 1483

 

2-yr +.020 1.871%

5-yr +.006 1.852%

10yr -.003 2.091%

30yr -.012 2.581%

 

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