Market Closes - December 28, 2020
Posted on Dec 28, 2020Corn Mar +5 456 (448-57); Jly +4 454; Dec +2 427
Bean Jan -8 1255 (1245-79); Jly -8 1249; Nov +1 1085
Meal Jan -1 415 (412-24)
Oil -12 4172
Wheat Mar -13 614; Jly -9 607 (600-20)
KC -12 577; MGE -6 577
Oats +1 337
Rice -28 1199
LC Dec +90 11305; Apr +55 11952; Jun +32 11480
FC Jan +7 14100; Apr +20 14412; Aug -20 15060
LH Feb -45 6650; Apr -35 7075; Jun -45 8187
Milk Dec -1 1570; Jan -25 1641; Feb +5 1774
Grain and soy futures closed widely mixed in sizable trading ranges. Corn and soybean futures both hit contract highs but only corn was able to close higher. Old-crop soybean futures actually scored bearish key reversals which puts the longs on notice. Soybeans were pressured by rain prospects in Brazil and ideas the Argentinean port strike may be resolved this week. Soybean export sales have been disappointing of late. Old-crop corn closed strongly higher on a hot, dry forecast for Argentina. Wheat futures were pushed sharply lower on moisture prospects in parts of the U.S. Plains. Export demand is a persistent issue.
Cattle futures closed modestly higher except for the deferred Feeder Cattle contracts slipping into the red. Live cattle led the way higher on last week’s $2/cwt cash gain and expectations for another $2/cwt increase this week. April LC made a new high for the current rally, reaching a price not seen since February. Choice beef edged .28 higher to 207.82 and Select dropped 1.28 to 196.65 on good movement. No cash market was established. Last week’s prices were generally $110/cwt live and $172/cwt dressed.
Lean hog futures closed lower despite a surge in the pork cutout. February LH is at a significant premium to the cash market. Following a morning surge of 6.09, FOB Plant Pork ended the day up 2.51 at 71.85 on very heavy movement. The strength came mostly from loins and bellies.
US$ +.1% 90.29
Dow +204 30404
SP +32 3735
NAS +95 12899
Tran +1 12524
VIX +.17 21.7
WTI -52 4771
Brent -37 5092
Gas -1 136
NG -16 235
HO -1 148
Eth +7 140
Gold -6 1877
Slvr +52 2643
2-yr +.002 0.123%
5-yr -.006 0.359%
10yr -.004 0.926%
30yr -.005 1.661%
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