Market Closes - June 3, 2020

Posted on Jun 3, 2020

Corn Jly unch 324 (321-24); Dec unch 338 (336-39)

Bean Jly +7 857 (851-58); Nov +6 866 (861-67)

  Meal Jly +3 286 (284-87)

  Oil -8 2786

Wheat Jly +4 512 (506-515); Dec +3 526 (522-29)

  KC +7 458; MGE +4 520

Oats +3 332

Rice Jly +150 2056; Sep -5 1258

 

LC Jun +15 9545; Oct +55 9997; Dec +52 10397

FC Aug +80 13422; Oct +90 13657; Jan +77 13545

LH Jun -375 4865; Aug -65 5490; Oct +35 5105

Milk Jun +23 1983; Jly +41 1867

CBOT futures closed mostly higher to steady, with soybean futures leading for a second day. Soybean futures were supported by another Chinese purchase and continued weakening of the US Dollar versus the Brazilian real, making U.S. beans more attractive to China. Soybean meal replaced soybean oil today in a supportive role. Meal and soybean futures are at the top of their trading ranges, so an upside breakout could get the ball rolling uphill. Wheat futures rallied on higher prices in Russia and the weaker US Dollar. Corn traded in a 3-cent range and closed nearly unchanged, but at the upper end of the range. Today’s trading looked much like Tuesday’s. Warmer weather is considered beneficial at this time, so buyers are hard to find when there’s so many other markets with more short-term potential.

Cattle futures closed steady to higher and near the day’s highs. The day’s lows were set at/near the opening bell. Live cattle found support despite Tuesday’s limit-down move in June LC and crashing beef values. The June LC remains at a huge discount to the cash market (averaging around $115/cwt); the two need to come together by month’s end. For a third day this week, box beef values have fallen sharply. Choice Beef dropped 22.83 to 295.90 and Select fell 13.80 to 276.78. The Choice-Select Spread narrowed to 19.12. A week ago, Choice was 377.77 and Select was 350.20. USDA reported steers averaged $181/cwt dressed today. Formula purchases averaged 892 pounds and $190.38/cwt,

I encourage you to check out today’s Daily Livestock Report to see information/chart on the amount of cattle being forward contracted (lower compared to last 3 years).  CLICK HERE.  

Lean hog futures closed mixed with J/J/A lower and deferred contracts higher. The sharp drop in June LH is tied to falling hog prices and pork values amid the rising slaughter levels with a big hog supply backed up. Traders remain worried about China’s level of pork purchases in light of the US/China tensions. FOB Plant Pork edged up .64 to 75.01 to end this week’s collapse in the pork cutout. Last Friday, FOB Plant Pork was 88.20. Today’s steady cutout doesn’t reveal the large value changes for several individual cuts. Picnics fell almost 20%, the butt dropped 10%, ham’s rose over 20% and belly value rose over 6%.

US$ -.3%  97.31

Dow +527 26270

SP +42 3123

NAS +75 9683

Tran +306 9441

  VIX -1.18  25.66

 

WTI -9 3697

Brent -21 3936

Gas -1 111

NG +3 181

HO -3 106

Eth unch 114

Gold -31 1703

Slvr -30 1795

 

2-yr +.026 0.194%

5-yr +.050 0.369%

10yr +.069 0.749%

30yr +.053 1.532%

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