Market Closes - December 31, 2020

Posted on Dec 31, 2020

Corn Mar +9 484 (473-86); Jly +8 480; Dec +2 435.

Bean Jan +11 1315 (1299-1321); Jly +7 1297; Nov +8 1112

  Meal +2 434 (430-36)

  Oil +66 4333

Wheat Mar unch 640; JLy +1 628 (622-30)

  KC +2 603; MGE +3 599

Oats +12 361

Rice +19 1240

 

LC Dec +82 11295; Feb +57 115.02; Apr +65 11925; Jun +82 11470

FC Jan +42 13895; Apr +12 14177; Aug +20 14902

LH Feb +267 7027; Apr +117 7225; Jun +87 8282

Milk Jan -26 1580; Feb -42 1749

Bullish momentum pushed the corn, Chicago wheat and soy complex to new contract highs to end 2020 – HAPPY NEW YEAR!  Speculators will owe a lot of income taxes on these contracts marked to market. The fundamentals remain the same – Argentina’s corn export ban through February; China’s strong demand for corn and soybeans; weather concerns in South America and tightening U.S. ending stocks forecasts. A wet forecast in South America could put in a top for the market.

Cattle futures closed slightly higher in narrow range trading. Live cattle remain below the highs made earlier this week. LC were supported by the stronger cash fed market, while feeders were pressured this week by the soaring grain market. Boxed beef values unwound Wednesday’s gains. Choice dropped .58 to 209.95 and Select fell 4.21 to 195.65. Cash trading is reported light to moderate with prices mostly $112/cwt, up $2.00 from last week, and $175-176/cwt dressed, up $3-4 from last week.

Lean Hog futures opened higher and never looked back, closing strongly higher with the nearby February LH up $2.67/cwt. LH were supported by a strong weekly pork export sales report this morning and by soaring pork cutouts. USDA reported 7,700 MT for 2020 and 46,300 MT sold for 2021 (China bought 22,700 MT). FOB Plant Pork ended the day up 5.93 at 78.58, well short of the morning quote of 81.35. All cuts were higher in value. The biggest gains were in hams, up over 20% to 72.83, and bellies, up 13% to 111.88.

US$ +.4%  reversed yesterday’s loss

Dow +197 30606   RECORD HIGH

SP +24 3756

NAS +18 12888

Tran +48 12507

  VIX -.02 22.75

 

WTI +2 4842

Brent +25 5134

Gas +1 141

NG +12 255

HO -1 148

Eth +1 143

Gold +8 1902

Slvr -5 2652

 

2-yr -.004 0.123%

5-yr -.009 0.361%

10yr -.010 0.916%

30yr -.016 1.646%

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