Market Closes - December 30, 2020

Posted on Dec 30, 2020

Corn 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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