Market Closes - June 6, 2022 - Kentucky Farm Bureau

Market Closes - June 6, 2022

Posted on Jun 6, 2022

Corn Jly +15 742 (731-44); Dec +12 702 (694-705)

Bean Jly +1 1699 (1690-1718); Nov +6 1533 (1522-43)

  Meal Jly -1 407; Dec +1 392

  Oil  Jly -66 8119; Dec +46 7753

Wheat Jly +53 1093 (1060-1109); Dec +52 1115 (1080-1130)

  KC Jly +49 1170; MGE +43 1235

Oats Jly -10 680; Sep unch 637

Rice +43 1723

 

LC Jun -77 13282; Oct -60 13910; Dec -77 14545

FC Aug -190 17197; Oct -145 17682; Jan -112 17875

LH Jun -97 10922; Aug -135 10670; Oct -80 9315

Milk Jun +15 2448; Jly +45 2505; Aug +54 2496

CBOT futures closed steady to mostly higher with wheat leading the market. Wheat futures were supported by concerns that Russia may not allow Ukrainian exports after its troops destroyed a Ukrainian export facility on the Black Sea. The slow planting pace of spring wheat has been supportive. The wheat rally lifted corn futures.

U.S Crop Progress
Corn is 94% planted vs 86% last week and 92% 5-yr avg.
  Corn is rated 73% good/excellent and 4% poor/v.poor.

Soybeans are 78% planted vs 66% last week and 79% 5-yr avg.

Winter Wheat Condition:
  30% good/excellent vs 29% week ago and 50% year ago.
  40% poor/v.poor vs 40% week ago and 18% year ago.

Spring Wheat is 82% planted vs 97% for 5-year average.

Live and feeder cattle futures closed lower at near the day’s lows. Feeder cattle were pressured by the CBOT rally and that weighed on live cattle futures, as did last week’s weaker cash fed market. Boxed beef was stronger today. Choice beef closed up 2.32 at 269.58 and Select gained 1.07 to 251.09. Last week, fed steers averaged $137.84/cwt live and $221.73/cwt dressed; these were about one percent lower than the previous week’s prices. Live trade today was non-existent basis USDA comments.  

 

Lean hog futures closed lower, adding to Friday’s losses. LH were pressured by profit-taking after futures showed topping action last week following a lengthy rally. FOB Plant Pork ended down .59 at 108.79, compared to 116.26 in the morning report. Belly value went from up 29 to up 2; ham value went from up 8 to down 2. Pork movement was strong at 321 loads.

US$ +.2% 102.38

Dow +16 32916

SP +13 4121

NAS +49 12061

Tran +110 14555

  VIX +1.13  25.07

 

WTI -37 11850

Brent +39 12011

Gas -6 419

NG +80 932 (high of 945 set in May)

   NG hasn’t been this high since August 2008.

HO +8 436

Gold -6 1844

Slvr +18 2209

 

2-yr +.065 2.732%

5-yr +.086 3.037%

10yr +.085 3.040%

30yr +.078 3.191%

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