Market Closes - June 24, 2020

Posted on Jun 24, 2020

Corn 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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