Corn Sep -3 343 (340-48); Dec -4 352 (349-57)

Bean Aug -2 897 (894-901); Nov -4 902 (900-09)

  Meal -2 295 (295-99)

  Oil +33 2887

Wheat Sep +2 495 (490-500); Dec +1 502

  KC +2 441; MGE unch 513

Oats -3 281

Rice +10 1230

 

LC Aug -10 10000; Oct +25 10417; Dec -2 10702

FC Aug -122 13492; Oct -60 13725; Jan -42 13762

LH Jly -42 4452; Oct -42 4862; Dec -82 5120

Milk Jly +15 2340; Aug -27 2137; Sep -7 1908

CBOT futures closed narrowly mixed but generally from the middle to lower part of the day’s trading range. Corn and soybeans remain in a weather market. Although traders expect warmer and drier than normal weather (CLICK HERE), talk of late-week rains and cooler days weighed on the market. Wheat edged higher on confirmation of much lower wheat production in France, but faced pressure from US wheat harvest surpassing 56% as of Sunday. The spec funds have trimmed their huge corn short, but have built a sizable soybean long. The opposing positions hedge some of the weather risk.

Cattle futures closed steady to lower as cash markets and beef values held near steady. The very high beef prices in May drove beef exports down 31% from May 2019. Choice beef slipped .16 to 205.30 and Select lost .13 to 196.84. Cash live trade is not well established with some trades $93-95, compared to last weeks’ average $94.87/cwt. Dressed purchases range $157-160/cwt. Today’s formula purchases averaged 889 pounds at $155.96/cwt.

Lean hog futures closed slightly lower but well of the day’s lows set soon after the market opened. LH was pressured by the backed up market-ready supplies. Although pork cutouts dropped today, packer margins reportedly remain very profitable. FOB Plant Pork fell 1.74 to 62.60 due to a 19% drop in ham’s value to $38.19.  May pork exports were record large for May.

US$ +.2%  96.99

Dow -397 25891

SP -34 3145

NAS -90 10344

Tran -108 9279

  VIX +1.42 29.36

 

WTI -34 4039

Brent -32 4278

Gas +3 127

NG +5 188

HO -1 123

Eth +1 133

Gold +15 1808

Slvr +6 1856

 

2-yr unch 0.161%

5-yr -.022 0.285%

10yr -.048 0.636%

30yr -.071 1.371%

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