Market Closes - April 12, 2021

Posted on Apr 12, 2021

Corn May -8 569 (567-86); Jly -7 556; Dec unch 496 (491-502)

Beans May -21 1382 (1379-1407); Jly -19 1379; Nov -13 1250 (1243-68)

  Meal May +1 402 (398-403); Dec +1 392

  Oil -140 5145

Wheat May -11 628; Jly -9 631 (626-40)

  KC -7 579; MGE -11 643

Oats -1 372

Rice +1 1310

 

LC Apr -70 12272; Jun -47 12210; Oct -17 12552

FC Apr -25 14450; Aug +62 16057; Oct +30 16185

LH Apr +5 10352; Jun -280 10615; Aug -202 10040

Milk Apr +20 1788; May +49 1987

 

CBOT futures closed steady to mostly lower, with sharp losses in corn, beans and wheat. The day’s high were made early in the Sunday evening session. Soybean oil, beans and wheat led the market lower. Soyoil was pressured by a bearish palm oil stocks report. Traders perceive the weather to be mostly favorable in the U.S. and South America in the short-term. Soybeans face continuing pressure from a lack of fresh old-crop sales and concerns that China’s hog herd is being hit by ASF. MGEX spring wheat futures peaked Friday at the February highs, pressured by some precip in No Dakota and Canada. MGEX wheat contracts have formed triple-top highs which may be a bad sign.  

U.S Crop Progress
Corn is 4% planted vs 2% last week and 3% 5-yr avg.

Winter Wheat Condition:
  53% good/excellent vs 53% week ago and 62% year ago.
  17% poor/v.poor vs 16% week ago and 10% year ago.

 

LC Apr -70 12272; Jun -47 12210; Oct -17 12552

FC Apr -25 14450; Aug +62 16057; Oct +30 16185

LH Apr +5 10352; Jun -280 10615; Aug -202 10040

Live cattle futures closed mostly lower while feeder futures were mostly higher. Early gains in LC gave way as traders took profits, following through on Friday’s price declines. Feeder futures benefitted from old-crop corn’s price drop today. Choice beef dropped .76 to 271.41 and Select rose 2.09 to 266.16. Negotiated cash trade is inactive. Last week’s prices ranged $120-125/cwt live, depending on the region. Dressed prices were reported at $195-196/cwt. The USDA 5-market average price was $121.87/cwt last week with beef production up 5.2% week/week.

Beyond the expiring April LH contract, lean hog futures closed mostly sharply lower after starting the day higher making new contract highs. Weakness in the pork cutout encouraged additional profit-taking. FOB Plant Pork dropped 3.07 to 110.10 with belly value down 4% and ham value up over 7%. Last week’s pork production was up 1.0% week/week. Average dressed weight of 217.0 pounds was steady week/week, and up 2 pounds year/year.

US$ -.1% 92.10

Dow -55 33745

SP -1 4128

NAS -50 13850

Tran +51 14970

  VIX +.23 16.92

 

WTI +46 5981

Brent +40 6335

Gas +1 197

NG +3 255

HO unch 181

Eth unch 190

Gold -17 1727

Slvr -49 2483

 

2-yr +.012 0.169%

5-yr +.021 0.889%

10yr +.005 1.671%

30yr -.002 2.337%

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