Market Closes - June 8, 2022 - Kentucky Farm Bureau

Market Closes - June 8, 2022

Posted on Jun 8, 2022

Corn Jly +7 764 (756-74); Dec +4 718 (712-24)

Bean Jly +12 1740 (1726-58); Nov +18 1568 (1546-73)

  Meal Jly -2 416 (413-24); Dec -2 397

  Oil  Jly +150 8294; Dec +166 7904

Wheat Jly +3 1075 (1062-89); Dec +5 1102

  KC Jly +6 1155; MGE +7 1234

Oats Jly -6 661; Sep -8 625

Rice -2 1692

 

LC Jun +310 13682; Oct +267 14275; Dec +210 14847

FC Aug +320 17565; Oct +207 17892; Jan +172 18047

LH Jun -57 10785; Aug -120 10590; Oct -62 9302

Milk Jun -2 2441; Jly -20 2496

CBOT futures closed mixed with soybean oil leading the market higher. Soybean oil was supported by today’s strong crude oil rally. Strength in soyoil overcame weakness in soybean meal futures to lift soybean futures to strong gains. July and November soybeans traded to new contract highs. Corn closed higher for the third straight day with old-crop gaining on new-crop contracts – indicating good demand. Wheat futures closed slightly higher but well off the day’s highs, just like corn did. Traders will be positioning for Friday’s USDA WASDE report.

Cattle futures posted strong closes with $3.00+ gains in the nearby contracts. LC futures were supported by rising negotiated fed cattle prices of $1-2/cwt. Fed steers averaged around $139.50 live and $226 dressed. Choice beef rose .32 to 271.74 and Select slipped .15 to 249.41. Note the Choice-Select spread is over $22/cwt.  Beef movement was a moderate 121 loads.

Lean hog futures closed lower after trading fairly wide ranges. LH was pressured by a weaker cash hog market. The pork market has been softening. FOB Plant Pork ended down 3.36 at 104.47 after being up .50 in the morning. Belly value fell from 154 in the morning to 138 in the afternoon. Pork movement was light at 268 loads.

US$ +.1% 102.55

Dow -269 32911

SP -45 4116

NAS -89 12086

Tran -556 14018

  VIX -.06 23.96 

 

WTI +300 12241

Brent +328 12385

Gas +6 422

NG -68 861

HO unch 432

Gold +3 1856

Slvr -11 2207

 

2-yr +.041 2.776%

5-yr +.053 3.035%

10yr +.057 3.027%

30yr +.054 3.176%

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