Market Closes - June 29, 2020

Posted on Jun 29, 2020

Corn Jly +9 326 (316-26); Dec +9 335 (323-35)

Bean Jly +1 866 (860-69); Nov unch 861 (857-65)

  Meal -2 280 (280-83)

  Oil +42 2762

Wheat Jly +11 485 (473-89); Dec +9 493

  KC +7 429; MGE -1 497

Oats +8 337

Rice +13 1370

 

LC Jun +30 9500; Oct +57 10005; Dec +70 10377

FC Aug +90 13350; Oct +40 13512; Jan +20 13542

LH Jly +10 4537; Oct +42 4742; Dec +10 4990

Milk Jun +1 2094; Jly +54 2218; Aug +16 1923

CBOT futures closed steady to mostly higher with corn and winter wheat soaring. Corn futures traded steady until middle of the night when the rally began; it accelerated when the day trade opened at 830 am CT. Corn was supported by speculative short covering ahead of Tuesday’s important stocks and acreage reports at NOON EDT and in light of warmer, drier forecasts. This afternoon’s outlook maps agree with those forecasts (see maps HERE).  The spec funds have a very large short position that’s susceptible to a weather rally. Wheat closed strongly higher in sympathy with corn and bouncing back from Friday’s sharp drop to new contract lows. Soybean futures traded lower overnight until corn began to rally; beans followed corn higher but a new contract low in soybean meal weighed on bean futures at the close. Soybean export inspections were disappointing and no new sales were announced. This afternoon’s USDA Crop Condition report had one-point increases in the good/excellent category from last week for both corn and soybeans.  
 

U.S Crop Progress
Corn is 4% silked vs 2% last week and 7% 5-yr avg.

Soybeans are 14% blooming vs 5% last week and 11% 5-yr avg.

Winter Wheat Harvest
     41% harvested, compared to 41% 5-yr avg.


U.S Crop Conditions
Crop           Good/Exc   Poor/V.Poor

Corn                 73%         5%
Soybean           71%         5%
Winter Wheat  52%        16%
Pasture            42%        26%

LC Jun +30 9500; Oct +57 10005; Dec +70 10377

FC Aug +90 13350; Oct +40 13512; Jan +20 13542

LH Jly +10 4537; Oct +42 4742; Dec +10 4990

Cattle futures managed to close slightly higher as these markets continue their choppy sideways pattern. June LC are in the area of last week’s average cash price of 96.24 – which was down 4.54 from the previous week. Last week’s average dressed steer price was $154.78, down 5.92 from the previous week. Last week’s beef production was 3.9% higher than the week before. Choice beef gained 1.19 to 208.36 and Select rose 1.86 to 200.71. This gets values back to levels seen middle of last week.

Lean hog futures closed slightly higher after futures had dropped sharply on Friday in reaction to the bearish Hogs and Pigs Report. The pork cutout was up strongly at midday, but was lower by the afternoon. FOB Plant Pork slid .74 to 65.21. The big moves were in bellies (up 8%), ham (down 11%) and picnics (down 19%).

US$ steady  97.48

Dow +580 25596

SP +44 3053

NAS +117 9874

Tran +247 9053

  VIX -2.95  31.78

 

WTI +121 3970

Brent +69 4171

Gas +3 119

NG +16 171

HO +3 118

Eth +4 115

Gold +1 1781

Slvr -5 1798

 

2-yr -.012 0.156%

5-yr -.017 0.280%

10yr -.003 0.635%

30yr +.018 1.390%

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