Market Closes - May 31, 2016

Posted on May 31, 2016

Most CBOT futures were down sharply, led lower by the Chicago Wheat market. Improving (drier) weather forecasts pressured the markets in addition to the stronger US Dollar and end-of-month profit-taking. Futures were stronger overnight but headed south when trading reopened at 830 am.  Wheat futures fell back near last week’s lows.  USDA’s weekly report shows the corn crop in similar shape as it was a year ago.

Corn Emergence Progress

.     5/29/16   5-yr average

U.S.   78%       75%  (81% last year)

KY     77%       73%  (79% last year)

Rated 72% good/excellent vs 74% year ago

 

Soybean Planting Progress

.     5/29/16   5-yr average

U.S.   73%       66%  (68% last year)

KY     31%       40%  (46% last year)

 

Winter Wheat Conditions – 18 States

.        Good/Excellent  Poor/V.Poor

This Week       63%           8%

Last Week       62%           8%

Last year       44%          20%

 

Cattle futures closed higher for the fourth straight day. Traders will be looking at the cash market development this week for future direction.  Boxed beef was steady to weaker. Choice beef lost .73 to 221.34 and Select lost .20 to 201.37.

 

Lean Hog futures closed narrowly mixed after being higher most of the day.  LH futures closed near the lows of the day. FOB Plant Pork gained .79 to 84.35

Corn Jly -8 405; Dec -5 408 (408-15)

Bean Jly -8 1078; Nov unch 1056 (1051-68)

  Meal -6 397

  Oil +34 3182

Wheat Jly -17 464 (463-84); Dec -15 493

  KC -12 447; MGE -8 520

Oats -4 189

Rice +17 1094

 

LC Jun +140 12110; Oct +150 11732; Dec +82 11682

FC Aug +40 14710; Oct +27 14350; Jan +50 13492

LH Jun +5 8057; Aug +12 8085; Oct -30 6822

Milk Jun -2 1283; Jly -13 1302

 

US$ +.1%

Dow -86 17787

SP -2 2097

NAS +14 4948

Tran +26 7798

  VIX +1.07 14.19  +8.2%

 

WTI -50 4883

Brent -7 4969

Gas -3 160

NG -3 196

HO unch 149

Eth -1 165

Gold +2 1215

Slvr -27 1600

 

2-yr +.004 0.887%

5-yr +.021 1.380%

10yr +.016 1.851%

30yr +.012 2.652%

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here