Market Closes - June 27, 2022 - Kentucky Farm Bureau

Market Closes - June 27, 2022

Posted on Jun 27, 2022

Corn Jly -6 744 (731-46); Dec -21 653 (644-62)

Bean Jly +20 1630 (1593-1636); Nov +8 1433 (1400-41)

  Meal Jly +10 443 (429-45); Dec +3 394

  Oil Jly +107 7082; Dec +73 6568

Wheat Jly -20 904 (900-40); Dec -19 933

  KC Jly -20 973; MGE -29 1041

Oats Jly +22 619; Sep -24 509

Rice +2 1608

 

LC Jun +90 13625; Aug +10 13347; Dec +55 14580

FC Aug +162 17412; Oct +185 17892; Jan +220 18080

LH Jly -75 11017; Aug -190 10487; Oct -130 9102

Milk Jun unch 2433; Jly -30 2248; Aug -45 2305

CBOT futures closed widely mixed with some sharp price moves. Corn, especially new-crop contracts were pressured by weekend rains in parts of Iowa/Illinois and fairly neutral weather forecasts. Wheat futures continued to slide much lower under harvest pressure. The soy complex finished higher in the upper part of the daily range. Soybean meal led the complex higher as the nearby crush margin is quite profitable. The spec funds continue to hold sizable long positions in corn and soybean futures. Corn and soybean condition ratings came in below trade expectations this afternoon; this could lead to overnight support. At Noon EDT Thursday, USDA will release its final planted acreage report and the quarterly Grain Stocks report.

U.S Crop Progress
Corn is rated 67% good/excellent vs 64% year ago.
   And 8% rated poor/v.poor vs 8% year ago.

Soybean is rated 65% good/excellent vs 60% year ago.
   And 8% rated poor/v.poor vs 9% year ago.

Winter Wheat Condition:
  30% good/excellent vs 30% week ago and 48% year ago.
  43% poor/v.poor vs 43% week ago and 21% year ago.

Winter Wheat Harvested:
  41% this week vs 25% last week vs 31% year ago.

 

Live cattle closed slightly higher while feeder cattle posted mostly 1+ percent gains. Cattle were supported by Friday’s friendly Cattle on Feed report that showed reduced May placements resulted in few cattle on feed June 1st than expected – up 1.2% over June 1, 2021. Lower corn prices boosted feeder futures. June LC is at a discount to recent cash levels. Choice beef jumped 3.70 to 268.68 and Select rose .22 to 245.24. The Choice/Select spread is 23.44. Beef movement was a light 99 loads. Negotiated cash trade was not established. Last week in the Texas Panhandle live purchases traded at 138. In Kansas live purchases traded from 137-138. For the prior week in Nebraska, live and dressed purchases traded from 145-148 and at 234, respectively.

Lean hog futures closed lower with Aug/Oct/Dec contracts losing the most. LH futures have been moving sideways the last 5-6 weeks in a $5-10/cwt band. The next Quarterly Hogs and Pigs Report comes out Wednesday afternoon. FOB Plant Pork ended down 3.17 at 109.03 with belly value down 15 at 151 and ham value down 3 to 96.

US$ -.2% 103.94

Dow -62 31438

SP -12 3900

NAS -83 11525

Tran -35 13514

  VIX -.29 26.94

 

WTI +195 10957

Brent +197 11509

Gas -5 384

NG +28 650

HO -13 423

Gold -5 1825

Slvr +4 2117

 

2-yr +.075 3.132%

5-yr +.083 3.260%

10yr +.078 3.202%

30yr +.056 3.314%

Kentucky Average Gas Prices from AAA.com

Time       Regular    Diesel

Current    $4.62      $5.80

Week Ago $4.73      $5.85

Year Ago   $2.86      $3.08

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