Market Closes - June 23, 2021
Posted on Jun 24, 2021Corn Jly +4 664 (659-666); Sep -2 551; Dec -3 536 (529-43)
Bean Jly -9 1385 (1381-1407); Aug -6 1346; Nov -2 1300 (1294-1312)
Meal Jly -9 354 (353-65); Dec -7 360
Oil Jly +146 6213; Dec +155 5954
Wheat Jly +10 661 (653-68); Dec +9 670; Jly22 +9 671
KC Jly +15 612; MGE +22 805
Oats +5 365
Rice +19 1334
LC Jun -60 12250; Oct -20 12817; Dec -87 13150
FC Aug -265 15570; Oct -215 15997; Jan -187 16175
LH Jly -300 limit 10452; Oct -155 8385; Dec -110 7662
Milk Jly +5 1653; Aug -16 1667
CBOT futures closed mixed again today with old-crop corn and soybean oil futures leading the market higher. The main market feature remains the weather forecasts which are tweaked about every 6 hours. The central Corn Belt is forecast to have heavy rain but the northwest CB and the northern Plains will remain dry. Follow this map for the latest model forecast for accumulated rainfall. Next week looks wet for Kentucky.
https://ag-wx.com/GFS/GFS_precip_slider.html
Cattle futures closed lower with larger losses in the feeder market. As usual, negotiated cash trade was light today with live price as high as $126/cwt and dressed prices $197-202/cwt. Traders are cautious ahead of Friday’s Cattle on Feed Report and concerned cash prices are near a top. Boxed beef’s continued weakness also weighed on LC futures. Choice dropped 3.70 to 312.05 and Select lost 4.34 to 275.41 on moderate beef movement.
Lean hog futures closed sharply lower with the July LH down the daily $3.00/cwt limit. LH gapped open lower and finished at/near the day’s lows. LH was pressured by demand concerns. Thursday is a big day for hog traders with the weekly export sales report in the morning and the Quarterly Hogs and Pigs report after the close. FOB Plant Pork ended the day down 0.01 at 107.82, compared to 110.33 in the morning report. Gains for ham, belly and rib cuts were offset by losses in loins and butts.
Pre-report trade expectations as a percent of year-ago numbers are:
All Hogs and Pigs – 97.5%
Kept for Breeding – 98.6%
Kept for Marketing - 97.4%
March-May Pig Crop - 98.2%
US$ +.1% 91.81
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Eth unch 248
Gold +6 1783
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2-yr +.013 0.264%
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10yr +.013 1.485%
30yr unch 2.105%
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