Market Closes - April 20, 2021
Posted on Apr 20, 2021Corn 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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