Market Closes - December 21, 2020

Posted on Dec 21, 2020

Corn 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%