Market Closes - June 2, 2020

Posted on Jun 2, 2020

Corn Jly +1 324 (322-25); Dec +2 338 (335-38)

Bean Jly +10 850 (838-56); Nov +8 860 (850-65)

  Meal +1 284 (283-85)

  Oil +34 2794

Wheat Jly -7 508 (507-17); Dec -5 523 (521-30)

  KC -12 451; MGE -5 516

Oats -1 328

Rice Jly +95 1906; Sep -3 1263

 

LC Jun -300 limit 9530; Oct -195 9942; Dec -172 10345

FC Aug -270 13342; Oct -210 13567; Jan -180 13467

LH Jun -220 5240; Aug +45 5555; Oct +35 5070

Milk Jun +68 1965; Jly +38 1830

CBOT futures closed widely mixed with soybeans higher and wheat lower. Futures were generally supported by higher energy futures and a weaker dollar. Soybeans were also lifted by export sales to China, following yesterday’s talk that China would suspend purchases. Wheat futures were pressured by rainfall in European/Black Sea areas. In the last two days, wheat futures have given up over half of the recent rally. December corn has generally been moving sideways in a 3.30-3.40 range since April. Be mindful that the spec funds are carrying a large short position in corn based on an expected huge increase in the 20/21 ending stocks.

Cattle futures closed sharply lower to as much as limit-down in the June Live Cattle. Cash cattle markets remain lightly tested and a not well established. However, cash will likely trade at least $15/cwt over tonight’s June LC. Increased slaughter is pressuring beef values. Boxed beef fell sharply for a second day. Choice beef dropped 22.42 to 318.73 and Select fell 26.25 to 290.58. Heifer and steer carcasses averaged $178/cwt. Formula purchases reported to USDA averaged 877 pounds with avg net price of $193.49.

Lean hog futures closed mixed but nearby June LH ended down a sharp $2.20/cwt. LH futures continue to be pressured by rising slaughter amid a backed-up supply in the barn. FOB Plant Pork fell 6.67 to 74.37. Loin value fell sharply again – down 11.87 to 100.21. The other cuts also fell sharply.

 

US$ -.2%  97.68

Dow +268 25743

SP +25 3081

NAS +56 9608

Tran +169 9135

  VIX  -1.41 26.82

 

WTI +133 3712

Brent +132 3964

Gas +4 111

NG unch 177

HO +6 109

Eth unch 116

Gold -16 1734

Slvr -44 1839

 

2-yr +.012 0.170%

5-yr +.019 0.321%

10yr +.020 0.682%

30yr +.025 1.480%

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