Market Closes - May 24, 2017

Posted on May 24, 2017

CBOT futures closed steady to slightly higher with corn and wheat futures ending high range. Soybean futures tested last week’s lows with chart support well defined at the April and May lows.  Traders are uncertain as to the final corn/soybean acreage mix due to the wet conditions in the Corn Belt. Wheat found support from the wet conditions lowering quality and from the weaker US Dollar.

Tonight’s 6-10 day and 8-14 day outlooks show the Corn Belt down through Texas will experience on average below to much-below normal temperatures. This won’t help early crop growth. http://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php

Cattle futures closed lower, adding to Tuesday’s losses. Fortunately, futures closed well off the day’s lows. Futures were pressured by ideas that the cash cattle and beef markets are headed back down after the strong gains seen this spring.  The online Fed Cattle Exchange traded at $132.54 average, down $2.62/cwt from a week ago. In boxed beef, Choice ended up 0.34 at 246.08; Select down 1.57 at 219.60. 

Except for the June contract, Lean Hog futures closed lower and near the day’s lows as selling persisted all day and into the close. LH was pressured by weaker cash hogs and pork cutout. FOB Plant Pork dropped .44 to 89.86, compared to a midday gain of .33.  The June LH contract is at a slight premium to the Cash Index.

Corn Jly +2 371; Dec +2 390 (387-90)

Bean Jly unch 948; Aug unch 950; Nov unch 948 (943-51)

  Meal unch 306

   Oil -6 3228

Wheat Jly +3 432 (427-33); Dec +1 468

  KC +2 433;  MGE +7 561

Oats -3 238

Rice +14 1105

 

LC Jun -95 12212; Oct -130 11675; Dec -122 11722

FC May -25 14400; Aug -282 14867; Oct -262 14795

LH Jun +5 8020; Aug -5 7985; Oct -42 6757

Milk Jun +13 1634; Jly +15 1686
 

US$ -.4%

Dow +75 21012

SP +6 2404

NAS +24 6163

Tran +13 9023

  VIX -.72 10.00 -6.7%

 

WTI -.17 5130

Brent -20 5395

Gas -1 165

NG -1 320

HO unch 161

Eth +2 148

Gold +3 1259

Slvr +9 1722

 

2-yr -.033 1.286%

5-yr -.043 1.787%

10yr -.031 2.252%

30yr -.021 2.924%

 

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