Market Closes - December 21, 2020
Posted on Dec 21, 2020Corn Mar +2 440 (430-41); Jly +2 442; Dec +1 420
Bean Jan +23 1243 (1213-44); Jly +21 1240; Nov +10 1091
Meal +7 412 (404-13)
Oil -11 3996
Wheat Mar +3 611; Jly +2 606 (594-609)
KC +5 574; MGE +2 570
Oats unch 338
Rice -22 1236
LC Dec +12 11060; Feb -20 11465; Jun +5 11412
FC Jan +17 14062; Mar +82 14312; May +92 14570
LH Feb +12 6592; Apr +7 7000; Jun +25 8102
Milk Dec +6 1570; Jan +7 1563
After being pressured by COVID news early this morning along with financial markets, CBOT futures rallied to close near the day’s highs. Soybean and meal futures led the way higher on fund buying, supported by strong soybean export shipments and domestic soybean crushing. South American weather is less than ideal and China needs feed grains as well as the soybeans. Brazilian soy processors are working to keep early harvested beans at home. Corn, soybeans and soybean meal hit new contract highs today. Nearby soybean futures haven’t been this high since 2014. Nearby corn futures are at July 2019 levels.
Cattle futures recovered from strongly lower closes related to COVID concerns and closed higher. Friday’s Cattle on Feed Report was generally considered neutral. Traders may be waiting for cash direction as LC futures are near their 2-month highs and not far from the 4-month highs (resistance). Choice beef gained 2.29 to 210.92 and Select rose 2.99 to 197.26 on low volume. No cash market was established. Last week, USDA reported prices at $105/cwt in the southern Plains and $105/$165 per cwt in NE/WCB.
Lean hog futures closed only slightly higher despite a very strong pork cutout in the morning. Hog traders were cautious ahead of Tuesday’s Cold Storage Report and Wednesday afternoon’s Quarterly Hogs and Pigs Report. FOB Plant Pork only closed up .87 at 72.34 compared to the morning report soaring 6.51 to 77.98 thanks to a 36.16 pop in the belly value to 122.02. By the afternoon, belly value was quoted at 96.36, up 10.50. Ham value dropped 6%.
US$ +.2% 90.08
Dow +37 30216
SP -14 3695
NAS -13 12743
Tran -81 12486
VIX +3.59 25.16
WTI -137 4787
Brent -141 5085
Gas -4 135
NG +1 269
HO -4 148
Eth unch 132
Gold -8 1881
Slvr +37 2640
2-yr unch 0.123%
5-yr +.002 0.383%
10yr -.008 0.940%
30yr -.021 1.679%
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