Market Closes - April 14, 2021

Posted on Apr 14, 2021

Corn May +14 594 (579-98); Jly +13 579; Dec +7 511 (504-14)

Bean May +20 1410 (1389-1416); Jly +17 1402; Nov +13 1264 (1249-71)

  Meal May +3 398 (392-402); Dec +4 392

  OIL +121 5424

Wheat May +18 648; Jly +17 650 (634-58); Dec +17 657

   KC +19 603; MGE +12 661

Oats +7 382

Rice +3 1316

 

LC Apr -30 12210; Aug -72 12017; Oct -65 12385

FC Apr -130 14115; Aug -145 15670; Oct -117 15860

LH Apr +20 10360; Jly +105 10537; Oct +30 8602

Milk Apr -1 1759; May -59 1887; Jun -75 limit 1884

After trending higher in overnight trade, CBOT futures amplified the rally when trading resumed at 8:30 am CT, leading to sharply higher closes in most contracts. Corn closed high range with new contract highs and contract high closes. Since the March 30th close, May corn is up 55 cents and December is up 59 cents. New-crop corn has gained relative to soybean futures in April, resulting in the Soybean/Corn price ratio sliding below 2.50; do soybean futures need to reverse this to ensure enough 2021 acreage?  CBOT futures garnered support from strong cash basis levels, friendly outside markets (weaker US$, sharp energy rally) and less than favorable soil moisture conditions in western areas of the Corn Belt which also includes the spring wheat area (and into Canada). The forecast has apparently turned drier for Brazil’s safrinha corn area. Ethanol futures hit $2.00/gallon, up 50 cents from December and up $1.05 from a year earlier.

Cattle futures closed lower across the board with feeder futures hit the hardest due to sharply higher corn futures. Given a lack of fed cattle trade, LC futures slid lower again today with April down 4 straight days for a total of around $2/cwt, while June LC has lost $5/cwt over the same time. Choice beef gained 2.80 to 272.91 and Select rose .77 to 267.31. Again today, negotiated trade was inactive. Feedlots are asking $125 live and $200-205/cwt dressed.

Lean hog futures closed higher with the May & June LH posting strong gains. LH was supported by continued expectations of strong pork exports, in part due to ASF losses in China. FOB Plant Pork dropped 2.40 to 110.09, compared to a gain of 0.76 in the morning report. The major movers were loins, down 5%, and bellies and picnics, down 3%. Thursday morning’s weekly export sales report is greatly anticipated.

US$ -.2% 91.64

Dow +54 33731

SP -17 4125

NAS -138 13858

Tran +10 14874

  VIX +.34 16.99

 

WTI +257 6281

Brent +259 6626

Gas +5 202

NG unch 262

HO +6 188

Eth +6 200

Gold -11 1735

Slvr +5 2547

 

2-yr +.002 0.163%

5-yr +.018 0.858%

10yr +.013 1.636%

30yr +.005 2.313%

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