Market Closes - June 9, 2021

Posted on Jun 9, 2021

Corn Jly +11 691 (669-95); Sep +4 632; Dec unch 610 (593-615)

Bean Jly -17 1562 (1550-87); Aug -16 1523; Nov -9 1448 (1428-63)

  Meal Jly -3 386 (384-91); Dec -1 394

  Oil Jly -49 7159; Dec -59 6602

Wheat Jly -3 682 (673-86); Dec -2 697; Jly22 -4 700

  KC jly +3 636; MGE -7 764

Oats -12 396

Rice -5 1308

 

LC Jun +67 11740; Oct +5 12397; Dec -30 12917

FC Aug -97 14827; Oct -132 15292; Jan -115 15470

LH Jun +125 12195; Aug +7 11875; Oct +50 9715

Milk Jun +16 1718; Jly +10 1756

CBOT futures closed widely mixed with July corn up strongly while the soy complex lost around one percent in value. Volatility was present with trading ranges pretty wide. Of note, December corn kept its upside chart gap open by a mere 0.25 cent; the low was set in the opening few minutes of trading after 8:30 am. At this point, traders are preparing for tomorrow’s midday USDA updates to wheat production and the WASDE. Unless USDA surprises the market with an estimate, traders’ focus will return to the weather forecasts. Supposedly, the midday model updates were a little drier for the NW Corn Belt. However, areas of the spring wheat belt are getting some relief this week – but this may not last.

Cattle futures finished the day mixed with nearby strength in LC but general weakness in feeder cattle due to July Corn’s rally. June LC closed up 67 cents, narrowing slightly its discount to the cash fed market which had light trade at steady prices. Choice beef rose .04 to 338.65 and Select gained 1.69 to 307.87, making the CH/SEL spread 30.78.

Lean hog futures closed higher with the spot June LH up 1.25 to a new contract high. LH was supported by continued strong fundamentals. FOB Plant Pork lost .56 to 134.38. Rib value fell 22.45 to 260.93 and loins dropped 2.95 to 123.00. Pork movement was weak.

US$ steady 90.14

Dow -153 34447

SP -8 4220

NAS -13 13912

Tran -192 15289

  VIX +.82 17.89

 

WTI -31 6956

Brent -19 7203

Gas -2 220

NG +2 315

HO -1 212

Eth unch 246

Gold -3 1891

Slvr +17 2790

 

2-yr +.002 0.155%

5-yr -.019 0.747%

10yr -.039 1.489%

30yr -.041 2.168%

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