Market Closes - December 28, 2020

Posted on Dec 28, 2020

Corn 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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