Market Closes - June 8, 2021

Posted on Jun 8, 2021

Corn Jly +1 680 (677-98); Sep +7 628; Dec +7 609 (605-18)

Bean Jly +20 1580 (1561-97); Aug +17 1539; Nov +17 1457 (1442-66)

  Meal Jly +3 390 (387-95); Dec +4 395

  Oil Jly +125 7208; Dec +122 6661

Wheat Jly +5 685 (680-99); Dec +5 699; Jly22 unch 705

  KC Jly +2 632; MGE -16 769

Oats +6 408

Rice -13 1314

 

LC Jun +50 11672; Oct +22 12392; Dec +42 12947

FC Aug -95 14925; Oct -40 15425; Jan +17 15585

LH Jun +80 12070; Aug -22 11867; Oct -20 9665

Milk Jun -12 1703; Jly -16 1746

Except for MGE spring wheat, grain and soy complex futures closed higher, although well below the day’s highs. Highs were made in the first 30-90 minutes of the day session. New contract-high closes were made in November Soybeans and in soybean oil contracts. New-crop corn futures maintained the bullish gaps created yesterday. Given the weather market, the volatility in prices is expected. Extended weather outlooks favor warm and dry for the NW Corn Belt and the soil profile is already much drier than in 2020. MGE spring wheat was hit again by good chances of rain in Canada and possibly the Dakotas. The next USDA WASDE report is midday Thursday.

Live cattle closed slightly higher while feeder futures ended mixed with losses in the front contracts. LC was influenced by a mostly-steady cash fed market and beef cutout. Choice beef rose .01 at 338.61 and Select lost 2.99 to 306.18. Beef movement was better than Monday, but still low.  

Lean hog futures closed mixed with the nearby June gaining 80 cents on strong fundamentals and momentum. June LH made a new contract high. The all-time high for the nearby LH contract is $133.80/cwt set in July 2014. FOB Plant Pork edged up .21 to 134.94. Losses in loins and picnics offset gains in the butt, ham and belly. Pork movement was very high at 379 loads.

Outside markets are supportive as crude oil keeps moving to new highs and U.S. stock indexes are near record-high as the economy reopens. Nearby WTI oil hasn’t been above $70 since October 2018.

US$ +.2% 90.12

Dow -30 34600

SP +1 4227

NAS +43 13925

Tran +48 15481

  VIX +.65 17.07

 

WTI +77 6981

Brent +63 7212

Gas +2 222

NG +6 313

HO +2 213

Eth unch 246

Gold -4 1895

Slvr -29 2772

 

2-yr -.002 0.155%

5-yr -.021 0.772%

10yr -.037 1.533%

30yr -.037 2.215%

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