Market Closes - December 29, 2020
Posted on Dec 29, 2020Corn Mar +9 466 (453-67); Jly +9 464; Dec +3 430
Bean Jan +40 1295 (1245-99); Jly +39 1288; Nov +13 1098
Meal +12 427 (410-29)
Oil +76 4248
Wheat Mar +4 618; Jly +5 612 (605-15)
KC +8 585; MGE +4 580
Oats +2 339
Rice +21 1220
LC Dec -100 11205; Apr -75 11877; Jun -52 11427
FC Jan -137 13962; Apr -115 14297; Aug -57 15002
LH Feb +70 6720; Apr +32 7107; Jun +12 8200
Milk Jan -16 1626; Feb +21 1794
After trading slightly lower overnight, corn and soy complex futures rallied steadily during the day session to close sharply higher, especially in the old-crop soybeans and meal. Contract highs were set across the board. Market support came from unfavorable South American weather, talk that China is in the market for corn and soybeans and a lack of resolution to the Argentinean port strike. Wheat futures were lifted slightly by the corn/bean markets.
Both live and feeder cattle futures closed in the red today with bigger losses in the nearby contracts. Cattle opened this morning near steady but as the CBOT rallied, the CME drifted lower. The December LC closed a $1/cwt lower, pressured by its premium to last week’s cash market of $110/cwt. Choice beef gained 2.48 to 210.30 and Select fell 1.17 to 195.48.
Lean hog futures closed slightly higher, erasing some of Monday’s losses. Market support came from higher cash hog prices and a firm cutout value. A winter storm may affect hog movement and support nearby prices. FOB Plant Pork closed up .51 at 72.36. A 6% loss in loin value offset a 13% gain in belly value. Butt and picnic values fell 3%.
US$ -.3% 90.00
Dow -68 30336
SP -8 3727
NAS -49 12850
Tran -95 12429
VIX +1.38 23.08
WTI +38 4800
Brent +23 5109
Gas +2 138
NG +12 244
HO +1 149
Eth +2 142
Gold +2 1883
Slvr -32 2622
2-yr -.004 0.129%
5-yr unch 0.380%
10yr +.005 0.938%
30yr +.007 1.676%
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