Market Closes - June 24, 2020
Posted on Jun 24, 2020Corn Jly -1 324 (324-29); Dec -3 334 (333-40)
Bean Jly -4 871 (870-77); Nov -4 870 (868-77)
Meal unch 287
Oil -52 2765
Wheat Jly -5 481 (480-88); Dec -5 494
KC -4 431; MGE +1 516
Oats unch 305
Rice -12 1394
LC Jun -22 9330; Oct -25 9962; Dec -17 10335
FC Aug -32 13287; Oct -25 13517; Jan +27 13587
LH Jly -97 4592; Oct -70 5022; Dec -30 5200
Milk Jun -6 2094; Jly -75 limit 2156; Aug -75 1955
CBOT futures closed lower and near the day’s lows. Corn and soybeans remain under pressure from good crop conditions, non-threatening weather and a lack of significant export sales activity. December corn hasn’t been this low since June 1. Chart support is $3.30. July Corn has support at 3.10 and major support at $3.00 on continuation chart (Below $3.00. it’s Oh No!). Soybean fundamentals are way better than corn or wheat, but soy futures closed down from the decent closes from the last 3 trading days. Traders remain hopeful that China will keep buying U.S. beans.
Weighing on all ag futures was a sharp drop in the US stock market and energy futures, as well as a stronger US$. These market moves resulted from increased concern about rising COVID-19 cases and some states increasing restrictions on citizens.
Cattle futures closed slightly lower today following Tuesday’s strong gains. Futures were pressured by outside markets, lower cash cattle prices and weaker boxed beef. Choice was down 2.12 to 209.69 and Select lost 1.88 to 201.69. Cash trade was moderate at midweek with prices down $3-5/cwt from last week, trading $95-98/cwt. Steers traded at $156/cwt on dressed basis. Formula cattle averaged 861 pounds and $169.18/cwt.
Lean hog futures closed lower as traders position for tomorrow’s hog report. FOB Plant Pork jumped 4.50 to 67.68 with only the belly value dropping. Loin gained 5%; picnic up 6%; and ham up nearly 40%. The Quarterly Hogs and Pigs Report comes out tomorrow afternoon. This report has more uncertainty to it because of depopulation activity related to reduced harvesting capacity at the processor. Traders expect on June 1, the breeding inventory was 98.1% of year ago and market hog inventory was 4.2% above the year ago number. June-August farrowing intentions are expected at 95.2% of year-ago levels.
US$ +.6% 97.22
Dow -710 25446
SP -81 3050
NAS -222 9909
Tran -282 8899
VIX +2.47 33.84
WTI -238 3799
Brent -233 4030
Gas -11 119
NG -3 160
HO -5 115
Eth +3 127
Gold -8 1774
Slvr -48 1758
2-yr -.010 0.186%
5-yr -.009 0.316%
10yr -.030 0.679%
30yr -.058 1.431%
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