Market Closes - June 24, 2015

Posted on Jun 24, 2015
CBOT futures closed mostly lower after trading higher in the morning. Prices broke from the day’s highs after 12:30 pm CT. Soybean, soymeal and wheat contracts finished near the day’s lows. Soybean oil futures closed strongly but well off the highs set around the pit opening. Traders may become cautious with the key Planted Acreage and Quarterly Grain Stocks reports coming next Tuesday, June 30. Heavy rainfall forecast for the eastern Corn Belt could become supportive. The 2-week NWS outlook calls for below-normal temperatures and above-normal rainfall.

Cattle futures fell sharply today despite another day of rising beef values. Choice jumped 1.99 to 256.12 and Select gained 2.40 to 250.39. June LC is fairly priced based on last week’s average cash price near $150/cwt. After today’s price action, charts look more like they have the bearish head-and-shoulder formations I spoke of yesterday, but no confirming signal yet.

Lean Hog futures closed mixed ahead of Friday’s Quarterly Hogs and Pigs Report. FOB Plant Pork gained .68 to 83.55. Lower average slaughter weights are supportive.

The U.S. Senate passed “Fast Track” authority for President Obama today. Congress may only vote YES or NO on trade deals now.

Corn Jly -1 366; Dec -1 380 Bean Jly -6 982; Nov -5 956 Meal Jly -4 328; Oct -4 315 Oil +45 3327 Wheat Jly -3 518; Dec -4 535 KC -6 524; MGE -6 564 Oats +2 256 Rice +29 1012

LC Jun -132 15067; Oct -140 15300; Feb -157 15410 FC Aug -180 22355; Oct -187 21982; Jan -180 21142 LH Jly +37 7472; Oct -20 6292; Dec -7 6087 Milk Jly +12 1656; Aug +17 1687

 

US$ steady Dow -178 17966 SP -16 2109 NAS -38 5122 Tran -158 8310 -1.9% VIX +1.15 13.26 +9.5%

WTI -77 6024 Brent -87 6358 Gas -2 206 NG +4 277 HO -3 188 Eth unch 154 Gold 02 1174 Slvr +11 1584

2-yr -.020 0.684% 5-yr -.023 1.671% 10yr -.031 2.378% 30yr -.043 3.158%

Mount Sterling Weighted Average Report for 06/24/2015

Receipts: 512 Last Week: 645 Year Ago: 680 Saturday Receipts: 142 Weekly receipts: 654

Compared to last week steer calves sold 3.00 to 5.00 lower with light to moderate demand however very light demand for red-hided sraightbred charolais and fleshy unweaned offerings. Quality was plain through average. Heifer calves under 600 lbs sold 5.00 lower with featherweight heifers sharply lower with light demand. Plain through average quality offering. Slaughter cows sold 1.00 to 2.00 higher with good demand and slaughter bulls sold steady good demand.

24 replacement cattle, 47 slaughter cattle, and 441 feeder cattle. Today's supply included 30.7 percent that weighed over 600 lbs. 29.4 percent steers and 16.2 percent bull calves 0.3 percent Holstein Steers and 40.0 percent heifers of total recorded feeder supply. 39 head of slaughter cows with 95 percent going to slaughter. 8 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates