Market Closes - June 19, 2015

Posted on Jun 19, 2015
CBOT futures closed mostly lower today. Except for KC Wheat, futures mostly finished mid-range or lower. Soybean futures traded inside Thursday’s wide ranges. Today the resistance offered by the down-trending channel I mentioned yesterday held July soybeans in check. Monday’s crop condition ratings and prospects for getting soybeans planted may determine price action next week. Wheat harvest could progress nicely as the 7-day outlook for the southern Plains looks drier.

Cattle futures closed much higher, recovering from yesterday’s sharp losses. Live Cattle futures closed strongly and finished higher than Wednesday’s closing prices; Feeder Cattle didn’t make it back to those levels. Today’s Cattle on Feed Report didn’t have any major surprises although May Placements were a little less than expected. Boxed beef edged higher in support of the market -- Choice up 0.49 at 251.32; Select up 1.50 at 246.23. Packers have reportedly been limiting slaughter to support boxed beef values.

Lean Hog futures dropped sharply as the number of hogs marketed are running ahead of expectations and heavy weights add to pork production. FOB Plant Pork dropped 1.29 to 82.65 with big losses in value of loins and butts, offset by a 4% gain in bellies. The October LH contract hit a new contract low today and is now almost $10/cwt below the May highs.

Corn Jly -5 353; Dec -4 369 Bean Jly -6 971; Nov -2 940 Meal Jly -3 323; Oct -2 307 Oil +30 3255 Wheat Jly unch 488; Dec -1 506 KC +5 503; MGE +3 543 Oats -7 244 Rice -9 972

LC Jun +147 15190; Oct +145 15325; Feb +112 15445 FC Aug +150 22342; Oct +100 21947; Jan +125 21060 LH Jly -227 7575; Oct -195 6427; Dec -187 6165 Milk Jly +15 1633; Aug +14 1651

 

US$ steady Dow -100 18016 SP -11 2110 NAS -16 5117

WTI -85 5997 Brent -150 6276 Gas -5 206 NG +4 282 HO -5 187 Eth +1 147 Gold unch 1202 Slvr -4 1611

2-yr -.028 0.621% 5-yr -.066 1.574% 10yr -.088 2.263% 30yr -.085 3.056%

United States Cattle on Feed Up 1 Percent Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.6 million head on June 1, 2015. The inventory was 1 percent above June 1, 2014.

Placements in feedlots during May totaled 1.71 million, 10 percent below 2014. Net placements were 1.63 million head. During May, placements of cattle and calves weighing less than 600 pounds were 355,000, 600-699 pounds were 260,000, 700-799 pounds were 389,000, and 800 pounds and greater were 710,000.

Marketings of fed cattle during May totaled 1.71 million, 8 percent below 2014. May marketings are the lowest since the series began in 1996.

Tagged Post Topics Include: Economics, Market updates