Market Closes - August 10, 2021
Posted on Aug 10, 2021Corn Sep -1 549; Dec unch 553 (547-55); Dec22 -2 517
Bean Sep +7 1348; Nov +7 1337 (1325-43); Nov22 -2 1251
Meal Sep unch 357; Dec unch 359
Oil Sep +47 6119; Dec +68 6062
Wheat Sep +16 727 (708-30); Dec +14 739; Jly +9 727
KC Sep +13 714; MGE +7 915
Oats -1 467
Rice +9 1348
LC Aug +65 12365; Oct +65 12812; Dec +50 13340
FC Aug +2 15932; Oct +15 16585; Jan +27 16672
LH Aug +77 10967; Oct -72 8387; Dec -125 7752
Milk Aug +10 1618; Sep +72 1730
CBOT futures closed near steady to mostly higher with Chicago/KC wheat leading the way up. Corn moved lower overnight on Monday’s improved crop rating but managed to rally back during the day to minimize losses. Soybeans closed higher, supported by a couple new-crop soybean sales, including one to China. This is the fourth day of soybean sales being announced. Wheat closed higher and near the day’s highs on anticipation of Thursday’s USDA report showing a tightening supply/demand situation.
Cattle futures closed a little higher but only mid-range. Strong beef markets lifted the LC market early but that faded away in the 10 o’clock hour. High beef prices are not translating into better fed cattle prices. Packer margins are growing large. Boxed beef keeps moving higher with Choice up 5.52 at 305.32 and Select up 3.80 at 284.61. Movement was average at 128 loads. Negotiated cash trade was not established.
Lean hog futures closed moderately lower except for the soon-to-expire August LH which gained 77 cents. Despite some early strength in pork values, traders continue to sell LH futures on technical signals and anticipation of growing hog numbers coming to market. The FOB Plant Pork cutout again soared in the morning only to end lower in the afternoon. It closed down 1.84 at 122.40 after a morning quote of 127.99. The belly value was up 21.46 (256.35) in the morning and down 1.04 by the afternoon. Ham value was down 11.75 at 80.10. Pork movement was a heavy 364 loads.
Lean Hog futures daily trading limits are increasing on September 1, 2021 as part of the annual reset of price limits. The LH initial limit increases from 3 cents/lb to 4.75 cents/lb; so the new expanded price limit will be 7 cents/lb.
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