Market Closes - December 7, 2020

Posted on Dec 7, 2020

Corn Mar +3 424 (415-25); Jly +4 428; Dec +1 411

Bean Jan -4 1158 (1149-69); Jly +1 1161; Nov +5 1044

  Meal Jan -3 382 (380-87)

  Oil -38 3803

Wheat Mar +2 577; Jly +3 582 (570-84)

  KC Mar +3 545; MGE -2 549

Oats +12 318

Rice +8 1231

 

LC Dec -87 10800; Feb -137 11102; Apr -102 11515

FC Jan -197 13780; Mar -127 13815; Apr -132 13945

LH Dec -137 6450; Feb -162 6495; Apr -160 6890

Milk Dec +4 1539; Jan +43 1615; Feb +41 1683

 

CBOT futures closed mixed with nearby soy complex contracts finishing lower and well off the day’s highs. Corn led wheat and soybeans higher into mid-morning but nearby soybeans couldn’t maintain the gains and ended mid-range. New-crop 2021 soybeans closed higher. Corn traded lower overnight, held last week’s lows, and rallied when the day session opened. Soybeans found some support from strong weekly export inspections, although new sales are disappointing. Soybean export shipments for Sep/Oct/Nov hit a new record high. Wheat futures generally traded new lows for the current downtrend, but rallied back to close mostly higher. Traders will be positioning for Thursday’s midday USDA update to the Supply-Demand tables.

 

Cattle futures closed lower on a lack of fundamental market support. Futures never traded above Friday’s closes and ended near the day’s lows. Traders were disappointed in last week’s price action and the beef market didn’t change their minds today. Boxed beef closed down for the fourth straight business day. Choice dropped 4.22 to 230.80 and Select sank 8.03 to 209.48. Cash trading was not established. Traders also are concerned that rising COVID cases may impact the meat processors again.

 

Lean hog futures closed lower and near the day’s lows. LH also didn’t trade above Friday’s closes and have dropped for the last 4-5 days. LH was pressured by weaker cash hog prices amid rising slaughter levels. FOB Plant Pork slipped .27 to 77.90 after being up 1.61 in the morning. COVID concerns are also hanging over the market.

 

US$ +.1% 90.87

Dow -148 30070

SP -7 3692

NAS +56 12520

Tran -17 12725

  VIX +.51  21.30

 

WTI -47 4595

Brent -46 4879

Gas -1 126

NG -17 241

HO unch 140

Eth unch 132

Gold +26 1866

Slvr +54 2479

 

2-yr -.008 0.145%

5-yr -.032 0.391%

10yr -.041 0.928%

30yr -.045 1.686%