Market Closes - June 18, 2019

Posted on Jun 18, 2019

Corn Jly -5 450 (443-58); Dec -5 463 (457-71)

Bean Jly +1 913 (903-21); Nov +1 940 (929-48)

  Meal -2 322

  Oil +19 2833

Wheat Jly -8 531 (525-41); Dec -7 547; Jly20 -3 561

   KC -10 465; MGE -8 552

Oats unch 297

Rice -5 1156

 

LC Jun unch 10945; Oct +35 10705; Dec +75 11142

FC Aug +32 13725; Oct +55 13770; Jan +82 13600

LH Jly -157 8147; Oct -17 7660; Dec +32 7560

Milk Jun -1 1627; Jly +5 1686

 

CBOT futures closed mostly lower to near steady despite the friendly news that President Trump and China’s Xi will have an “extended” meeting during the G-20 (opportunity to advance trade negotiation). All major contracts traded higher at some point today but closed way below the day’s highs. Futures also closed poorly despite weather forecasts that are not favorable for planting or crop development.

Cattle futures closed slightly higher as weak beef values and a slow cash market weigh. Choice fell 1.29 to 220.53 and Select lost .71 to 201.80. Traders also have a Cattle on Feed Report coming Friday afternoon.

Lean Hog futures closed mixed with the Jly LH down 2 percent. July LH opened higher but trended lower as the day progressed. The weakness came despite news of the Trump/Xi meeting next week. With the big jump in hogs coming to town, traders need to see improved pork exports. FOB Plant Pork dropped 1.82 to 81.15 as belly and rib values fell over 5%. This happened after being UP 1.64 in the morning report.

US$ +.1%

Dow +353 26466

SP +28 2918

NAS +109 7954

Tran +122 10321

    VIX -.20 15.15

Stocks rose sharply on news that President Trump will meet with China’s Xi next week at the G-20 meeting. Even as stocks rose sharply, Treasury yields declined as traders expect the Federal Reserve will cut its key rate starting in July (odds are lower at this week’s meeting).

WTI +217 5410

Brent +132 6226

Gas +4 173

NG -5 233

HO +3 183

Gold +7 1350

Slvr +17 1499

 

2-yr +.003 1.868%

5-yr -.013 1.834%

10yr -.026 2.060%

30yr -.028 2.549%

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