Market Closes - June 18, 2020
Posted on Jun 18, 2020Corn 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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