Market Closes - June 4, 2020

Posted on Jun 4, 2020

Corn Jly +5 329 (324-29); Dec +4 343 (338-43)

Bean Jly +10 868 (855-73); Nov +10 877 (864-80)

  Meal +3 290 (286-92)

  Oil -4 2782

Wheat Jly +12 524 (512-29); Dec +11 537 (526-42)

  KC +14 472; MGE +6 526

Oats Jly +14 345; Sep +7 298

Rice Jly +150 2206; Sep -3 1254

 

LC Jun +27 9572; Oct +90 10087; Dec +105 10502

FC Aug +50 13472; Oct +70 13727; Jan +97 13642

LH Jun -22 4842; Aug +87 5577; Oct +107 5212

Milk Jun +32 2015; Jly +32 1900

 

CBOT futures closed mostly higher with some big moves made. Wheat and soybean futures led the market higher on supportive fundamentals. Steady, but not big, bean purchases by China amid increased price competitiveness for U.S. beans lifted futures to levels not seen since April 13. The U.S. dollar value has drifted lower since May 25 and more importantly, the Brazilian real has strengthened nicely.   Wheat futures rallied on unfavorable weather forecasts in the Black Sea area as well as the Southern U.S. Plains. Russia’s old-crop supplies also seem to be tightening. Corn rallied today on short-covering as the speculative funds carry a short position the size that’s not been seen since May 2019. Today’s export sales report was disappointing for corn and in line for soybeans. Ethanol futures rose 4 cents/gal.

The soybean trade was also thrown a curve ball today as a US Appeals Court ruled that three dicamba herbicides can not be sold in the U.S. The true impact on soybean production is an unknown. CLICK HERE for article from CropLife.

Cattle futures managed only slightly higher closes as beef values and cattle prices trend lower. Cash cattle have traded $110-117 this week, but today’s USDA report put the average price at $105.39 for steers. Carcass prices averaged $175. Formula purchases averaged 883 pounds and $189.36/cwt dressed. Boxed beef values continue to collapse this week, marking 4 straight days of huge losses. Choice fell 23.64 to 272.26 and Select lost 16.37 to 260.41. Today’s weekly beef export sales showed only a 7% increase over the previous week.

Lean hog futures closed higher except for the nearby June contract. Futures started the day lower on disappointing weekly pork export sales and shipments. But LH bounced back to close in the upper range. FOB Plant Pork slipped .16 to 74.85, marking a second straight day of a steady cutout value. Today’s slaughter was the best since March, but the week-to-date total continues to lag available hog supplies.

 

US$ -.7%  96.67

Dow +12 26282

SP -11 3112

NAS -7 9615

Tran +134 9575

  VIX +.15 25.81

 

WTI +15 3774

Brent +20 3999

Gas +2 114

NG +1 183

HO +1 108

Eth +4 118

Gold +21 1725

Slvr +14 1809

 

2-yr -.006 0.194%

5-yr +.023 0.400%

10yr +.056 0.817%

30yr +.074 1.625%

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