Market Closes - June 17, 2019
Posted on Jun 17, 2019Corn 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%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments