Market Closes - June 18, 2015

Posted on Jun 18, 2015
CBOT futures had a mixed close with soybeans and soybean meal performing the strongest. Soybeans supported corn and wheat early but those markets eventually turned down. Wheat closed near the day’s lows. Soybeans are being supported by unplanted acreage and wet conditions, as well as a strong cash basis; strong export sales reported this morning were positive. The July Soybean contract is right around the top edge of the downward channel off the November 2014 highs. Additional gains should take price into the 9.95-10.00 resistance area, then $10.40.

Cattle futures closed sharply lower after opening this morning not far from yesterday’s closes. But cattle futures sold off through the early morning as beef export sales were disappointing and CBOT futures rallied. Boxed beef values have stabilized. Choice up 0.43 at 250.83; Select up 0.35 at 244.73. Technically, the weekly Live Cattle continuation chart has support just above $148.00.

Lean Hog futures closed mostly lower, erasing much of yesterday’s large gains. Weak cash hog prices and lower pork values today weighed on the market. FOB Plant Pork closed down 1.57 to 83.94 with all primals lower in value. Butts dropped over 10 percent. Big losses in cattle futures provided spillover pressure.

Corn Jly -1 358; Dec -2 373 Bean Jly +9 978; Nov +2 942 Meal Jly +3 327; Oct +4 309 Oil -60 3225 Wheat Jly -3 488; Dec -3 507 KC -7 498; MGE -8 540 Oats -4 251 Rice +8 981

LC Jun -152 15042; Oct -115 15180; Feb -52 15332 FC Aug -280 22192; Oct -182 21847; Jan -145 20935 LH Jly +2 7802; Oct -55 6622; Dec -52 6352 Milk Jly -41 1622; Aug -44 1640

 

US$ -.2% Dow +180 18116 SP +21 2121 NAS +68 5133 Tran +128 8444 VIX -1.31 13.19 -9%

WTI +53 6086 Brent +37 6424 Gas unch 210 NG -7 279 HO +1 192 Eth -1 146 Gold +24 1201 Slvr +18 1612

2-yr -.024 0.637% 5-yr +.003 1.627% 10yr +.026 2.334% 30yr +.057 3.130%

May Milk Production in the United States up 1.4 Percent Milk production in the United States during May totaled 18.4 billion pounds, up 1.4 percent from May 2014. Production per cow in the United States averaged 1,971 pounds for May, 15 pounds above May 2014.  The number of milk cows on farms in the United States was 9.31 million head, 58,000 head more than May 2014, and 3,000 head more than April 2015.

Tagged Post Topics Include: Economics, Market updates