Market Closes - June 8, 2021
Posted on Jun 8, 2021Corn 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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