Market Closes – June 4, 2015

CBOT futures closed higher, and near the day’s highs, except for soybean oil. Futures edged higher overnight and then accelerated upwards when trading reopened at 830 am CDT. News reports blamed wet forecasts which could damage wheat and keep corn/bean acres from reaching their potential. The spec funds were reportedly buyers in all 3 major commodities where they’re short. The price charts for these also look positive. The first 4 days of June have been very good to producers needing to sell. The next wheat production estimate and updated supply-demand forecasts will be released by USDA on June 10.

Cattle futures closed higher, undoing part of yesterday’s damage. Support came from higher beef values at midday but the late-day quote showed a loss in Choice beef. Choice beef fell .80 to 248.48 and Select gained .71 to 240.51. Cattle futures did drift lower in afternoon e-trade.

Lean Hog futures fell sharply today, heading south right from the start. Weakness in LH futures has been evident for the past 5 trading days. October LH has lost nearly $3.00/cwt in two days; chart support comes in at 69.50. FOB Plant Pork gained .34 to 86.86.

Corn Jly +4 363; Dec +4 381 (374-82)
Bean Jly +11 946; Nov +9 924 (912-25)
Meal Jly +3 306; Oct +3 294
Oil -20 3453
Wheat Jly +13 524 (504-24); Dec +14 543
KC +12 541; MGE +13 576
Oats +2 254
Rice +6 992

LC Jun +72 15322; Oct +57 15300; Feb +35 15407
FC Aug +67 22257; Oct +30 21957; Jan -22 21102
LH Jun -135 8220; Jly -187 8060; Oct -175 7005
Milk Jun +2 1675; Jly +7 1701

 

US$ +.2%
Dow -171 17906
SP -18 2096
NAS -40 5059
Tran -73 8437
VIX +1.05 14.71 +7.7%

WTI -165 5799
Brent -170 6210
Gas -6 199
NG unch 263
HO -5 185
Eth +2 155
Gold -9 1175
Slvr -39 1609

2-yr -.011 0.665%
5-yr -.042 1.642%
10yr -.055 2.311%
30yr -.061 3.046%

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