Market Closes - June 7, 2021
Posted on Jun 7, 2021Corn 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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