Market Closes - June 22, 2015

Posted on Jun 22, 2015
CBOT futures closed higher with about 2 percent gains in corn, wheat and soybeans. Fund buying was responsible for much of the rally as traders expected crop ratings to drop in this afternoon’s report. Both corn and soybeans lost 2 points in the Good/Excellent category. Slow soybean planting, especially in KS and MO, remains supportive. Heavy rain in the eastern half of the Corn Belt isn’t helpful. Traders are noting the soybean/corn price ratio at 2.8 should lift corn futures if/as soybean prices rise. Technically, soybean charts look more positive than corn and wheat charts.

Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 71% 6% Last Week 73 5 Year Ago 74 5

Soybean Planting Progress . 6/21/15 5-yr average U.S. 90% 95% (95% last year) KY 82% 83% (79% last year)

Soybean Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 65% 8% Last Week 67 6 Year Ago 72 5

Winter Wheat Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 41% 22% Last Week 43% 22% Last year 30% 44%

Wheat Harvested 19% compared to 31% for 5-year average.

Pasture Conditions 65% good/excellent vs 9% poor/v.poor

Cattle futures closed strongly higher, supported by big gains in boxed beef values at midday. Afternoon closing values weren’t quite as strong -- Choice up 1.51 at 252.83; Select up 1.62 at 247.85. USDA reported the 5-area average price was $150.24/cwt, down $3.24 from a week earlier. Friday’s Cattle on Feed Report was supportive due to fewer cattle being placed into feedlots.

Lean Hog futures closed lower but the losses were reduced in late-day trading, fueled by the strong pork product market. FOB Plant Pork ended UP 2.05 at 84.70 on strong gains in Butt and Picnic primals.

Corn Jly +7 360; Dec +5 373 Bean Jly +18 989; Nov +19 959 Meal Jly +10 334; Oct +12 319 Oil +37 3292 Wheat Jly +13 501; Dec +13 519 KC +9 512; MGE +10 553 Oats +6 250 Rice +12 984

LC Jun +55 15245; Oct +132 15457; Feb +150 15595 FC Aug +235 22577; Oct +282 22230; Jan +260 21320 LH Jly -152 7422; Oct -95 6332; Dec -92 6072 Milk Jly +22 1655; Aug +23 1674

 

USD +.3% Dow +104 18120 SP +13 2123 NAS +37 5154 Tran +69 8480 VIX -1.22 12.74 -8.7%

WTI +25 6022 Brent +28 6330 Gas -2 204 NG -8 273 HO unch 187 Eth +4 152 Gold -17 1185 Slvr +4 1614

2-yr +.041 0.662% 5-yr +.092 1.669% 10yr +.107 2.374% 30yr +.106 3.162%

Kentucky Weekly Livestock Summary for the week of Jun 15-20 2015. Receipts This Week Last Week Last Year 15,864 17,526 17,147 Compared to last week, Steer and heifer calves sold unevenly steady with good demand. Yearling steers and heifers were steady to weak with good demand except replacement quality heifers 3.00 to 5.00 higher with very good demand. Slaughter cows and slaughter bulls sold mostly steady with good to very good.

In the feeder supply, steers made up approximately 39 percent and heifers approximately 42 percent. Steers and heifers over 600 lbs totaled approximately 48 percent.

Tagged Post Topics Include: Economics, Market updates