Market Closes - June 8, 2020

Posted on Jun 8, 2020

Corn Jly +2 334 (331-35); Dec +2 347 (345-48)

Bean Jly -3 865 (862-71); Nov -1 878 (875-83)

 Meal Jly -1 288 (288-91)

  Oil -4 2810

Wheat Jly -4 511 (508-18); Dec -3 527

  KC -1 460; MGE +5 524

Oats Jly -14 314; Dec -2 268

Rice Jly -150 limit 1906; Sep -49 1205

 

LC Jun +22 9412; Oct +7 9937; Dec -15 10367

FC Aug -110 13307; Oct -105 13502; Jan -122 13402

LH Jun +112 4857; Aug +45 5780; Oct +82 5452

Milk Jun +30 2018; Jly +29 1896

CBOT futures closed mixed with corn beating wheat and soybeans. Corn added to last week’s gains, making new highs for the move. Corn was supported by some short-covering (specs have huge short position) and ideas that ethanol demand will continue to improve as the U.S. economy opens in more places. Soybeans were higher overnight, but lost value when no export sales to China were announced in contrast to last week’s almost daily sales. Soybean futures closed mid-range and slightly lower. U.S. soybeans continue to benefit from relative strength in the Brazilian currency. Wheat finished mixed as traders watch weather in the southern Plains and the Black Sea regions.

U.S Crop Progress
Corn is 97% planted vs 93% last week and 94% 5-yr avg.
89% of U.S. corn is emerged, compared to 84% 5-year average.

Soybeans are 86% planted vs 75% last week and 79% 5-yr avg.
67% of U.S. soybeans are emerged, compared to 61% 5-yr avg.

Winter Wheat Harvest
7% harvested, compared to 7% 5-yr avg.

U.S Crop Conditions
Crop        Good/Exc   Poor/V.Poor
Corn               75%         4%
Soybean         72%         4%
Winter Wheat  51%        19%
Pasture           49%        19%

 

LC Jun +22 9412; Oct +7 9937; Dec -15 10367

FC Aug -110 13307; Oct -105 13502; Jan -122 13402

LH Jun +112 4857; Aug +45 5780; Oct +82 5452

Live cattle closed mixed while feeder futures mostly lost a dollar/cwt. Both LC and FC closed near the day’s lows. LC were pressured by the sharp drop in boxed beef values the past week and softening cash fed prices (last week’s low was $105/cwt; averaged $112). Choice beef dropped 6.90 to 254.58 and Select fell 15.30 to 231.12. The Choice-Select Spread widened to 23.46. A week ago, Choice was 341.15 and Select was 316.83. Daily slaughter levels are picking up. USDA reported light negotiated trade today; only carcass price quoted was $170/cwt.  Formula purchases averaged 884 pounds at $188.62/cwt.

Lean hog futures closed moderately higher on a strong pickup in hog slaughter (today’s estimate is up 9% from last Monday) and higher morning pork values. However, pork ended lower in the afternoon. FOB Plant Pork fell 1.90 to 70.88, compared to the 5-day average of 73.58. Loins fell 6.07 to 85.45. The Daily Livestock Report noted that retailers have not been featuring pork loin or ground beef over the last three weeks and retail prices are higher.

US$ -.3% 96.69

Dow +461 27572

SP +38 3232

NAS +111 9925

Tran +180 10053

  VIX +1.29 25.81

 

WTI -131 3849

Brent -148 4082

Gas -1 120

NG +3 181

HO -3 112

Eth +1 124

Gold +22 1705

Slvr +47 1794

 

2-yr +.014 0.230%

5-yr -.027 0.450%

10yr -.026 0.879%

30yr -.035 1.643%

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