Market Closes - June 19, 2019

Posted on Jun 19, 2019

Corn Jly -9 441 (438-52); Dec -10 453 (450-63)

Bean Jly -10 903 (901-13); Nov -11 929 (927-40)

  Meal -5 317

  Oil +4 2837

Wheat Jly -9 522 (514-31); Dec -11 536; Jly20 -14 546

  KC -8 457; MGE -11 541

Oats -12 285

Rice -20 1136

 

LC Jun -95 10850; Oct -95 10610; Dec -107 11035

FC Aug -72 13652; Oct -27 13742; Jan +5 13605

LH Jly +15 8162; Oct +85 7745; Dec +85 7645

Milk Jun +3 1631; Jly +11 1698

CBOT futures closed lower with corn and soybeans ending 2-3 cents above the day’s lows. The move to the lows occurred in the last two hours of trading. Traders are booking profits from the month-long rally as they wait for better definition of planted acreage, yield potential and US/China trade relations. With July options expiring Friday, futures could get pushed around to limit profits in the options.

Some good news for Corn Belt producers – tonight’s 6-10 day and 8-14 day outlook maps show above normal temperatures and close to “normal” rainfall. The heat will help GDDs catch up.  Slow crop development and an early frost would be a bad combo this year. However, the 7-day rain forecast is very wet.

Cattle futures closed lower as cash cattle trade is waiting for Friday’s Cattle on Feed report. Strong packer margins, lighter carcass weights and higher beef values could prove supportive. Choice Beef gained 1.06 to 221.59 and Select edged up .44 to 202.24.

Lean hog futures closed higher but remain near their 3-month lows. The futures rally may be short-covering given that cash hog price and pork values are declining.  FOB Plant Pork sank 4%, or 3.46 to 77.69. Ham value fell 9%, loins dropped 5% and bellies fell 3%. The cutout was only down .80 in the morning report.

This afternoon, the FOMC (Federal Reserve) said it will not raise its key rates this month. Investors still view rate cuts will be made in the coming months. Treasury yields dropped markedly.

US$ -.4% 97.25

Dow +38 26504

SP +9 2926

NAS +33

Tran +21 10342

  VIX -.82 14.33

 

WTI +28 5418

Brent +13 6227

Gas +3 175

NG -5 228

HO +1 184

Eth -3 157

Gold +14 1365

Slvr +16 1515

2-yr -.115 1.747%

5-yr -.063 1.768%

10yr -.028 2.030%

30yr -.008 2.544%

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