Market Closes - June 23, 2020

Posted on Jun 23, 2020

Corn Jly -3 325 (321-27); Dec -5 337 (334-41)

Bean Jly -1 875 (865-79); Nov -5 874 (865-80)

  Meal unch 286 (285-88)

   Oil -18 2817

Wheat Jly +1 486 (479-89); Dec +1 499

  KC +4 435; MGE -4 515

Oats Jly +1 304; Sep +5 291

Rice +6 1406

 

LC Jun -87 9352; Oct +130 9987; Dec +100 10352

FC Aug +145 13320; Oct +125 13542; Jan +130 13560

LH Jly +7 4690; Oct +102 5092; Dec +107 5230

Milk Jun -1 2100; Jly -19 2200; Aug -33 2008

 

CBOT futures closed mixed again today with minor price changes. Commodity, equity and financial markets took a hit Monday evening when traders reacted to White House trade advisor saying the US-China trade deal was over. However, the White House quickly squashed that talk and markets recovered. Corn still closed significantly lower on improved crop conditions reported by USDA Monday afternoon and by non-threatening weather forecasts. A small Chinese soybean purchase supported bean futures, but volume isn’t sufficient to get traders bullish.

Cattle futures closed higher except for the nearby June LC contract. While the June LC is near the bottom of its trading channel, deferred LC and nearby FC futures tested the upper end of the channel. FC failed to hold the bigger gains and ended middle of today’s range. Futures may have found support from Monday’s Cold Storage Report showing the huge drop in red meat stocks. Choice beef dropped 2.25 to 211.71 and Select slipped .73 to 203.57. Cash trading remains light with live price $97-98 and dressed carcass price near $155/cwt. Formula purchases were reported by USDA with average weight of 872 pounds and average net price of $175.25/cwt.

Lean Hog futures closed strongly higher despite weaker pork cutouts. Support came from Monday’s Cold Storage Report that showed a record-large month-to-month drawdown in pork stocks (down 24% from April). Pork stocks are around 26% below year-earlier levels. The market needs China to keep buying U.S. pork. FOB Plant Pork fell 1.66 to 63.18. Ham value dropped 13% and loins fell 3%. The butt gained nearly 4%. Bellies were steady at 95.02.
 

US$ -.2%  96.69

Dow +144 26169

SP +14 3131

NAS +75 10132

Tran +119 9181

  VIX -.55  31.22

 

WTI -73 3999

Brent -71 4237

Gas unch 129

NG -3 163

HO -2 120

Eth -2 124

Gold +17 1784

Slvr +19 1809

 

2-yr unch 0.192%

5-yr -.005 0.330%

10yr +.009 0.713%

30yr +.035 1.497%

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