Weekly Cattle Exports Set New Record High
Monday May 24th, 2021 This is Matt Rice with today’s Market Line Report for Monday. Weekly cattle exports set new record high, giving the cattle market a much-needed boost to finish the week. Let’s go to Terry Roggensack with the CME Group to hear more.
Chicago Soft Red Winter Wheat prices for July closed the day dn 1, to finish at 674 ¼. July Corn was dn 5, to close at 659 ½. Kansas City Hard Red Winter Wheat prices for July were dn 1, to settle at 624.
Portland prices for Club Wheat with Ordinary Protein were up 6 -Unch, to settle at 8-50. Soft white wheat of Ordinary Protein for July was Unch – dn 5, ranging from 7-75 to 7-85. Hard Red Winter Wheat with 11 ½ percent Protein, for July were dn 1, ranging from 7-34, to 7-54. DNS wheat with 14 % protein, prices for June were up 5, ranging from 8-05 ½, to 8-15 ½.
5/20/2021 2:28:01 PM GMT
Financials: As of this writing (6:15am) June Bonds are 5 higher at 156’07 overnight and 25 higher over the last 5 sessions. 10 Year Notes are 4 higher at 132’05, up 7 for the week. The 5 year notes are 2 higher at 124’0 and up 3 for the week. Since last week yields are slightly lower with the 2 year down 2 basis points yielding 0.15%, the 5 year down 2 basis points at 0.85%, the 10 year down 2 at 1.67% and the 30 year bond down 4 at 2.37%. The overall trend remains down. The FMOC minutes were released yesterday and the market had little response. The minutes indicated what we already know: Things are getting better, inflation is a transitory risk, however, the Fed will remain data dependent. What is interesting is that there was some conversation on tapering ( the fed easing off on buying bonds and mortgage backed securities) but let me stress that there was only mention of it, no timetable for action.