Market Closes - April 21, 2021

Posted on Apr 21, 2021

Corn May +19 625 (604-28); Jly +14 606; Dec +8 536 (524-40)

Bean May +25 1497 (1467-1500); Jly +22 1479; Nov +11 1310 (1293-1314)

  Meal May +2 412 (407-13); Dec unch 399

  Oil May +187 6019

Wheat May +6 392; Jly +14 675 (660-80); Dec +12 680

Rice +2 1286

 

LC Apr -80 11977; Aug -142 11797; Oct -115 12230

FC Apr -247 13510; Aug -260 15192; Oct -197 15522

LH May -47 10760; Jly -125 10300; Oct -112 8457

Milk Apr unch 1768; May -27 1905

CBOT futures closed mostly sharply higher for a second straight day; soybean and soybean oil futures have closed higher for 7 straight days (meal for 6 days). New contract highs were set for corn, soybeans, soybean oil and some wheat contracts. The markets were supported by the same friendly fundamentals listed yesterday, leading to strong buying by the already-long spec funds. There will come a point in the future when the funds will want to sell much of this “paper corn”. Soybean oil is leading the soy complex higher. Wheat finally responded to this week’s freezing temperatures in the Plains; damage, if any, is unknown. Tomorrow’s weekly export sales report will be most important for corn.  

What was gained Tuesday was lost today as cattle futures closed much lower and near the day’s lows. Despite stronger box beef prices, light cash fed trade was reported as steady to weaker. Choice beef rose 2.20 to 280.46 and Select was up 1.41 to 271.88 on strong movement. Live cattle were pressured by the continued liquidation of fund positions and the well-established down trend. Feeder futures are additionally hit by the soaring CBOT futures. This Friday’s Cattle on Feed Report will look odd because of the comparison to the year-ago report when COVID impacted the livestock market. March placements are expected to be nearly 34% above March 2020 placements. The April 1st on-feed number could be up 6.1% over a year earlier.

Lean hog futures opened higher but closed mostly lower with the June LH leading the way down by $1.825/cwt. Today’s losses come after two strong days and higher cash hog prices and higher pork cutouts. However, FOB Plant Pork ended down 1.39 at 113.64, far below the 117.79 in the morning report. Loins were down 3.25 to 94.10 and Bellies dropped 3.86 to 193.77, while ribs rose 6.58 to 234.11.  The June LH premium to the cash index is minimal and far lower than historical averages. Thursday morning’s weekly pork export sales report will give the market direction tomorrow and then the afternoon Cold Storage report could impact prices.

US$ -.1% 91.13

Dow +316 34137

SP +38 4173

NAS +164 13950

Tran +145 15040

  VIX -1.18 17.50

 

WTI -132 6135

Brent -125 6532

Gas -3 199

NG -3 269

HO -3 186

Eth +4 220

Gold +15 1793

Slvr +73 2657

2-yr -.004 0.149%

5-yr +.005 0.800%

10yr -.003 1.559%

30yr -.005 2.255%

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