Market Closes - June 4, 2020
Posted on Jun 4, 2020Corn 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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