Market Closes - June 18, 2020

Posted on Jun 18, 2020

Corn Jly +1 331 (329-34); Dec unch 343 (341-46)

Bean Jly +2 873 (870-76); Nov unch 876 (875-80)

  Meal Jly +1 289 (287-91)

  Oil -4 2806

Wheat Jly -5 483 (480-92); Dec -5

  KC -4 428; MGE +4 525

Oats Jly +1 306; Sep +2 286

Rice Jly -50 1404; Sep -2 1207

 

LC Jun -42 9607; Oct -42 9940; Dec -60 10327

FC Aug -60 13297; Oct -62 13510; Jan -57 13492

LH Jly +25 4990; Oct -5 5117; Dec +25 5240

Milk Jun +17 2092; Jly +64 2043; Aug +45 1854

 

Corn and soybeans closed about steady while KC/Chicago wheat dropped 4-5 cents. Corn and beans closed mid-range as traders are uncertain about the weather impact on production and the extent of China’s demand for beans and possibly corn. Wheat was pressured by a stronger US Dollar and Egypt buying wheat from our competitors east of the Atlantic Ocean. The 8-14 day NWS Outlook suggests much cooler temperatures than normal from the Rockies to the Appalachians. Below normal rainfall is only expected in the Dakotas and Minnesota.  See Maps HERE.

Cattle futures closed slightly lower on relatively narrow price ranges. Improved slaughter levels are pressuring boxed beef values, but the lower price is stimulating beef export sales. Sales of 20,100 MT were up 67% over the 4-week average. Choice edged down .72 to 227.89 and Select lost 1.18 to 213.17. Fed steers are trading mostly $100-102/cwt. USDA quoted the average dressed price at $159.14/cwt for steers. Formula purchases averaged 889 pounds at $174.08.

Lean Hog futures closed slightly higher but in the upper price range. Weekly pork export net sales totaled 38,600 MT, compared to 17,200 MT the previous week. Top buyers were Mexico and China. FOB Plant Pork slipped .46 to 65.01 after yesterday’s 1.20 rise. Ham value fell 20% and bellies dropped 3%. Loin value surged nearly 30% to 69.65 and picnics rose nearly 8%.

US$ +.4% 97.45

Dow -40 26080

SP +2 3115

NAS +33 9943

Tran -31 9208

  VIX -.53  32.94

 

WTI +84 3905

Brent +80 4151

Gas +4 126

NG unch 164

HO +2 120

Eth -2 123

Gold -4 1731

Slvr -27 1751

 

2-yr -.002 0.195

5-yr -.006 0.333%

10yr -.026 0.707%

30yr -.043 1.480%

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