Market Closes - December 29, 2020

Posted on Dec 29, 2020

Corn 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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