Market Closes - April 20, 2021

Posted on Apr 20, 2021

Corn May +14 606 (593-612); Jly +11 592; Dec +8 528 (519-33)

Bean May +22 1472 (1450-85); Jly +21 1458; Nov +15 1299 (1280-1308)

  Meal May +3 410 (407-15); Dec +4 399

  Oil +205 5832

Wheat May +7 660; Jly +7 661 (651-79); Dec +7 668

  KC +9 621; MGE +4 669

Oats +4 385

Rice unch 1284

 

LC Apr +22 12057; Aug +75 11940; Oct +120 12345

FC Apr -15 13757; Aug +175 15452; Oct +165 15720

LH May +242 10807; Jly +227 10425; Oct +145 8570

Milk Apr +1 1768; May +13 1929

CBOT futures closed sharply higher but well of the day’s highs. Corn and soybean futures traded new contract highs before settling back; the surge higher occurred quickly after the 8:30 am opening. The spec funds were likely buyers as the fundamentals remain supportive – tight stocks, strong cash basis levels, and less than favorable weather in the US and Brazil. Brazil extended its suspension of import tariffs on corn, soybeans, meal and soyoil through 2021. Nearby futures haven’t been this high since July 2013 for corn and June 2014 for soybeans.

Cattle futures closed higher after testing yesterday’s lows. The higher closes resulted from corrective buying after this market has netted sharp losses over the past 7-8 trading days. Boxed beef was stronger today adding to the sizable bump from a week ago (CH= 270.11, SEL= 266.54). Choice beef gained 2.09 to 278.26 and Select rose 1.34 to 270.47 on light movement. Negotiated trade was not established. Will the packers share some of their huge profits this week? Feeder futures managed to close higher in deferred contracts despite the big CBOT rally.

Lean hog futures closed sharply higher for a second straight day, with the May LH contract hitting a contract high. LH futures continue to rebound from the recent sell-off, counting on strong pork export sales. FOB Plant Pork ended up .95 at 115.03, higher than the morning quote of 113.83. Movement was very strong.

US$ +.2% 91.20

Dow -256 33821

SP -28 4135

NAS -128 13786

Tran +96 14895

  VIX +1.39  18.68

 

WTI -101 6242

Brent -76 6629

Gas -3 202

NG -2 272

HO -2 188

Eth +2 216

Gold +7 1776

Slvr +4 2587

 

2-yr -.008 0.153%

5-yr -.034 0.795%

10yr -.037 1.562%

30yr -.035 2.258%

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