Market Closes - December 30, 2020
Posted on Dec 30, 2020Corn Mar +8 474 (462-76); Jly +8 472; Dec +3 433
Bean Jan +8 1304 (1280-1308); Jly +2 1290; Nov +5 1104
Meal +5 432 (420-33)
Oil +19 4267
Wheat Mar +22 641; Jly +15 627 (608-29)
KC +16 601; MGE +16 596
Oats +10 349
Rice unch 1220
LC Dec +7 11212; Apr -17 11860; Jun -40 11387
FC Jan -110 13852; Apr -132 14165; Aug -120 14882
LH Feb +40 6760; Apr unch 7107; Jun -5 8195
Milk Jan -25 1601; Feb -2 1791
We had another stellar day in the grain and soy markets as new contract highs were made in corn, Chicago wheat, soybeans, meal and soyoil. KC and MGE wheat futures were higher in 2018 and 2019. Corn shot higher to its big gains after news broke that Argentina will suspend corn exports until March 1st. This would match up with talk that China was in the market for U.S. corn. The rally overcome news that the Argentine port strike was resolved. They have a boatload of ships sitting nearby that need loaded with soybeans. This may have dampened soy futures today. Wheat also rose sharply as it works to catch up with the recent corn/soy rally. A weakening US Dollar Index was supportive; the US$ hasn’t been this low since April 2018. Spec funds were reportedly huge buyers of wheat today.
Except for the expiring December LC contract, cattle futures closed lower with bigger losses in feeder cattle due to the soaring corn price. Choice beef inched .23 higher to 210.53 while Select beef jumped 4.38 to 199.86. Cash trading has been light at $111-112 live and $176 dressed.
Lean hog futures closed very narrowly mixed after a very strong opening to the market. The early gains evaporated and futures closed low-range. Early strength put futures near the top of the 2-month trading range so traders booked profits at year-end. FOB Plant Pork edged .29 higher at 72.65 with much movement in individual cuts. Loins rose over 4%; ham value increased over 7%. On the downside, belly value slid nearly 7% and picnics dropped 10%.
US$ -.4% 89.60
Dow +74 30410 – record high close, beating Monday’s record close.
SP +5 3732
NAS +20 12870
Tran +30 12459
VIX -.42 22.66
WTI +30 4830
Brent +25 5134
Gas +2 140
NG -1 243
HO unch 149
Eth +1 143
Gold +16 1899
Slvr +61 2682
2-yr unch 0.127%
5-yr -.008 0.369%
10yr -.010 0.925%
30yr -.015 1.659%
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