Market Closes - June 3, 2021

Posted on Jun 3, 2021

Corn Jly -13 662 (653-85); Dec -6 566 (558-83)

Bean Jly -13 1549 (1543-89); Nov -10 1403 (1398-1439)

  Meal Jly -2 392 (389-97); Dec -2 391

  Oil -153 6885 (6872-7213)

Wheat Jly -11 676 (669-99); Dec -11 688

  KC Jly -9 624; MGE -5 777

Oats -4 380

Rice -1 1329

 

LC Jun -35 11677; Oct -25 12465; Dec +12 12982

FC Aug +62 15295; Oct +87 15737; Jan +170 15792

LH Jun +112 11937; Aug +20 11700; Oct +105 9562

Milk Jun +1 1733; Jly -6 1783; Aug +14 1848 

CBOT futures closed lower after trading to the plus-side overnight. The pressure started right after the 8:30 am reopening of the market. Futures closed lower range with soybeans and soyoil futures close to the day’s lows. The selling may have been tied to some improved rain forecasts for part of the drier growing areas. However, the confidence in the weekend rains isn’t high, but temperatures are expected to be well above normal. Weekly export sales will be reported tomorrow due to Monday’s government holiday.

Live cattle closed mixed while feeder futures finished in the green thanks to the sharp losses in CBOT futures. Choice beef edge up .39 to 340.55 and Select rose 1.28 to 313.16. Beef movement was again at 138 loads, similar to Tuesday and Wednesday. Negotiated cash trade was light with prices steady to yesterday’s prices. Daily slaughter appears to have fully recovered with 120,000 head compared to 121,000 a week earlier.

Lean hog futures closed variably higher on continued strength in the pork cutout. The June LH and the October-and later contracts made new contract highs. FOB Plant Pork rose 1.93 to 131.52. It took sizable gains in other cuts to offset an 8% drop in the rib value. Loin value rose over 4%; ham and butt cuts rose by 3%. Hog slaughter is estimated at 470,000 head, down 11,000 from a week ago. Traders eagerly await tomorrow’s weekly export sales report.  

US$ +.6% 90.49

Dow -23 34577

SP -15 4193

NAS -142 13615

Tran -75 15540

  VIX +.56 18.04

 

WTI +9 6872

Brent +7 7142

Gas +1 220

NG -1 306

HO unch 210

Eth unch 246

Gold -37 1872

Slvr -68 2752

2-yr +.011 0.158%

5-yr +.045 0.841%

10yr +.037 1.628%

30yr +.022 2.302%

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