Market Closes - June 7, 2021

Posted on Jun 7, 2021

Corn Jly -3 679 (674-706); Sep +14 621; Dec +11 603 (597-618)

Bean Jly -23 1560 (1558-1623); Aug -15 1522; Nov +4 1440 (1437-80)

  Meal Jly -9 387 (386-403); Dec -3 391

  Oil Jly -51 7083; Dec +109 6539

Wheat Jly -8 680 (678-704); Dec -5 694

   KC Jly -6 630; MGE -28 785

Oats +7 402

Rice -4 1327

 

LC Jun -60 11622; Oct -35 12370; Dec -7 12905

FC Aug +27 15020; Oct -30 15465; Jan -30 15567

LH Jun +40 11990; Aug +132 11890; Oct +97 9685

Milk Jun -18 1713; Jly -17 1769

The CBOT had a wide-ranging assortment of closing prices as the July contracts came under heavy selling pressure during the day session with most prices settling near the day’s lows.  The July soybean and soybean meal contracts were hit hard as traders unwound bull spreads on declining export demand. New-crop corn futures were supported by continued weather concerns in the NW quadrant of the Corn Belt. Still December Corn ended 15 cents below the overnight highs. The December Corn has an upside gap on the chart which is friendly if it’s maintained tomorrow. Rains in Canada and prospects for some in the Dakotas late week pressured the MGEX spring wheat.

U.S Crop Progress
Corn is 90% emerged vs 81% last week and 82% 5-yr average.
Corn rated good/excellent is 72% vs 76% week ago and 75% year ago.

Soybeans are 90% planted vs 84% last week and 79% 5-year avg.
Soybeans emerged are 76% vs 59% 5-year avg.
Acreage rated good/excellent is 67% vs 72% year ago.

Winter Wheat Condition:
  50% good/excellent vs 48% week ago and 51% year ago.
  18% poor/v.poor vs 19% week ago and 19% year ago.

Pasture and Range Condition:
  35% good/excellent vs 49% year ago
  37% poor/v.poor vs 19% year ago

Cattle futures closed narrowly mixed on a lack of market direction from the cash side. Choice beef dipped .38 to 338.60 and Select beef fell 2.56 to 309.17. Beef movement was on the light side, similar to Friday. No cash trade was reported.  Last week’s prices averaged around $120 live and $190-191 dressed.

Lean hog futures closed higher on support from the cash hog market and firmer pork cutouts. FOB Plant Pork ended up 1.44 at 134.73; ham value was the only loser today.

US$ -.2% 89.97

Dow -126 34630

SP -3 4227

NAS +67 13882

Tran -35 15432

  VIX unch 16.42

 

WTI -34 6905

Brent -41 7149

Gas -2 219

NG -1 309

HO -1 211

Eth unch 246

Gold +10 1902

Slvr +13 2803

2-yr +.008 0.157%

5-yr +.011 0.795%

10yr +.010 1.570%

30yr +.013 2.252%

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