Market Closes - June 2, 2021

Posted on Jun 2, 2021

Corn Jly -14 675 (666-94); Dec -4 573 (563-85)

Bean Jly +14 1562 (1542-68); Nov +17 1414 (1392-1421)

  Meal Jly -5 394 (392-402); Dec -3 393

  Oil +299 7038

Wheat Jly -6 687 (681-701); Dec -3 700; Jly22 +7 697

  KC Jly -4 634; MGE +11 783

Oats -1 384

Rice +2 1331

 

LC Jun +357 11712; Oct +197 12490; Dec +147 12970

FC Aug +317 15232; Oct +240 15650; Jan +187 15622

LH Jun -37 11825; Aug -77 11680; Oct +7 9457

Milk Jun +4 1732; Jly +1 1788

CBOT futures closed widely mixed with corn and wheat giving up some of yesterday’s huge gains. This continues to be an early weather market as June forecasts have warm, dry weather in the northwest Corn Belt and the northern Plains. With soybean meal futures down, soybean’s rally depended completely on the soaring soybean oil market which shot to a new contract high. Corn and soybean ending stocks forecasts are too tight to handle much-below trend yields. The next USDA crop production and WASDE reports are on June 10.

Cattle futures closed strongly higher led by the nearby contract months. Today’s rally resulted from JBS getting much of its slaughter capacity back on line, although the boxed beef market finished up sharply for the second straight day. Choice soared 5.60 to 340.16 and Select beef rose 5.43 to 311.88. Beef movement was heavy at 138 loads, similar to Tuesday’s number. Light cash trade was reported at $119-120 live and $190-191 dressed. Estimated slaughter at 105,000 head improved from yesterday’s 94,000 head resulting from the JBS operations disruptions due to a cyber-attack. Soaring boxed beef values and steady cash fed prices are only adding to beef packers’ HUGE profit margins.

Lean hog futures closed mixed with J/J/A contracts on the negative side. Despite today’s stronger cash hog prices and pork cutouts, LH was pressured by profit-taking near contract highs. The LH market relies on the export market to remain strong. It’s reported that China’s hog prices are falling, so maybe their import demand will trend lower. FOB Plant Pork jumped 2.47 to 129.59 on the strength in butts and bellies. Pork movement was strong, similar to yesterday. Hog slaughter of 439,000 improved from Tuesday’s 390,000 head, but is 44,000 head below a week ago.

US$ steady 89.90 

Dow +25 34600

SP +6 4208

NAS +20 13756

Tran -153 15615

  VIX -.42 17.48

 

WTI +111 6883

Brent +110 7135

Gas +2 219

NG -3 307

HO +4 211

Eth unch 248

Gold +5 1907

Slvr +10 2820

2-yr unch  0.147%

5-yr -.014 0.795%

10yr -.026 1.589%

30yr -.024 2.272%

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