Market Closes - April 1, 2021

Posted on Apr 1, 2021

Corn May -4 560 (556-85); Jly -2 545; Dec +7 484 (481-93)

Bean May -35 1402 (1398-1456); Jly -31 1397; Nov +7 1264 (1253-85)

  Meal May -13 410 (407-33); Dec unch 397

  Oil May -79 5213; Dec +8 4612

Wheat May -7 611; Jly -5 610 (601-23); Dec -5 619

  KC -11 565; MGE -11 599

Oats -7 372

Rice -6 1311

 

LC Apr -95 12002; Aug -45 12152; Oct -60 12462

FC Apr unch 14387; Aug +72 15800; Oct +90 15915

LH Apr +72 10177; Jun +102 10632; Aug -2 10215

Milk Apr -9 1751; May +18 1841

CBOT futures closed mixed with old-crop contracts lower and new-crop corn and soybeans higher. Yesterday evening, futures extended the rally from the limit-up closes in corn, beans and meal. May Corn hit a new contract high but May soybeans did not. After trading mostly sideways overnight, traders began selling within an hour after the 8:30 am opening. The selling just built on itself and caused old-crop corn and beans to close sharply lower than last evening’s highs – corn off 25 cents and soybeans 54 cents. New-crop corn and soybean futures closed higher, although well off the (new contract) highs – 9 cents in corn and 21 cents in beans. Yesterday’s bullish acreage surprise is more of a factor for the 2021 crop price given the significant price discount new-crop has to old-crop. That’s where there’s more risk. Analysts believe that farmers will plant measurably more than USDA said they reported as “intentions”. Weather during the planting season will be key.

Live cattle futures closed slightly lower on profit-taking going into the 3-day Easter Weekend. With a stronger cash fed market and boxed beef values, the market may start out higher on Monday. Choice beef gained 2.85 to 249.97 and Select jumped 6.57 to 244.70, making for a narrow CH-SEL spread of 5.27. Cash trading was moderate with live prices at $117 in KS and $118 in the W. Cornbelt. Carcass prices were reported $187-188.

Lean hog futures closed higher, supported by a very strong weekly pork export sales report. USDA reported the latest weekly stats at 61,000 MT, up 43% from the 4-week average and a 2021 high. China bought almost half of it. ASF in China may be more serious. After being up 2.27 in the morning, FOB Plant Pork ended down .11 at 108.86. Ham’s fell 4.47, ribs gained 7.43 and bellies rose 4.96 to 201.11. Movement was a heavy 320 loads.

 

US$ -.3% 9289

Dow +172 33153

SP +47 4020

NAS +233 13480

Tran +117 14748

  VIX -2.07 17.33

 

WTI +208 6124

Brent +193 6467

Gas +6 202

NG +3 264

HO +6 183

Eth +2 185

Gold +13 1726

Slvr +42 2495

 

2-yr +.002 0.612%

5-yr -.032 0.906%

10yr -.073 1.673%

30yr -.089 2.334%

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