CBOT futures closed mixed with corn and wheat closing strongly higher against a steady soybean market. This price action trimmed a little off the Bean/Corn ratio. Soybeans opened higher Monday evening but drifted lower overnight, fell abruptly when the pit opened at 930 am CT, then climbed around a dime off the lows by the closing bell. Today’s bean rally failed at the resistance marked by the April 30th highs. Corn and wheat futures found support from recent wet weather lowering crop ratings, which is encouraging short-covering by the spec funds. Today’s rally ignored the negative outside force of a 1.1 pct gain in the US Dollar.

Cattle futures closed slightly lower after trading a little higher Monday afternoon and overnight. Today’s price ranges were much smaller than Monday’s; Live Cattle had “inside” days where today’s price range was within yesterday’s much wider range. Firm boxed beef supported the market. Choice gained 1.09 to 254.13 and Select dropped .07 to 247.99. Technically, the rally on Friday and Monday has potentially charted the right shoulder of bearish head-and-shoulder top formations (doesn’t apply to June LC). Fundamentals wouldn’t seem to support that severe of a price decline but the chart pattern should be monitored.

Lean Hog futures closed mixed with little change. This follows Monday’s large losses which set some new contract lows. LH futures opened trading with a strong up move but soon headed lower and went that way the balance of the day. There’s not enough interest in “picking a bottom” or “catching a falling knife”, especially when pork values are dropping. FOB Plant Pork cutout dropped 1.83 to 82.87 on big losses in values of picnics and hams. This dropped erased most of Monday’s rise in this cutout value.

Corn Jly +7 367; Dec +8 381 (374-82) Bean Jly -2 987 (978-96); Nov +1 961 (948-68) Meal Jly -2 332; Oct unch 318 Oil -10 3282 Wheat Jly +20 521 (502-23); Dec +19 539 KC +18 530; MGE +17 570 Oats +4 254 Rice -1 983

LC Jun -45 15200; Oct -17 15440; Feb -27 15567 FC Aug -42 22535; Oct -60 22170; Jan +2 21322 LH Jly +12 7435; Oct -20 6312; Dec +22 6095 Milk Jly -14 1645; Aug -7 1665

 

US$ +1.1% Dow +24 18144 SP +1 2124 NAS +6 5160 Tran -13 8468 VIX -.63 12.11 -5%

WTI +68 6106 Brent +115 6449 Gas +5 208 NG unch 273 HO +5 192 Eth +3 155 Gold -6 1178 Slvr -35 1580

2-yr +.021 0.678% 5-yr +.041 1.695% 10yr +.050 2.412% 30yr +.046 3.202%

Lexington Auction Weighted Average Report for 06/22/2015 Receipts: 878 Last Week: 562 Year Ago: 1253 Compared to last week steer calves 500-700 lbs sold 2.00 to 5.00 lower with light to moderate demand other classes sold steady with good demand. Heifer calves sold steady to 3.00 lower with light demand for featherweights and fleshy middleweight offerings. Yearling replacement quality heifers in good demand. Average to good quality offering today. Slaughter cows sold 1.00 lower with moderate demand. Slaughter bulls sold steady with good demand.

02 replacement cattle, 65 slaughter cattle, and 811 feeder cattle. Today's supply included 73.4 percent that weighed over 600 lbs. 52.4 percent steers and 12.3 percent bull calves 1.4 percent Holstein Steers and 26.6 percent heifers of total recorded feeder supply. 50 head of slaughter cows with 98 percent going to slaughter. 15 head of slaughter bulls with 100 percent going to slaughter.