Corn Mar +2 549 (539-56); Jly unch 537; Dec +2 448

Bean Mar -5 1365 (1349-83); Jly -4 1345; Nov +11 1154

  Meal Mar unch 431 (425-35)

  OIL +35 4497

Wheat Mar -12 651; Jly -9 634 (628-49)

  KC -13 625; MGE -10 623

Oats -2 347

Rice -12 1334

 

LC Feb -17 11487; Apr -15 12170; Jun +62 11822

FC Mar +20 13792; May +67 14305; Aug +92 15087

LH Feb -25 6955; Apr -115 7550; Jun -40 8690

Milk Feb +15 1551; Mar -49 1615

CBOT futures closed mixed between commodities and within the soybean contracts. Old-crop corn traded new contract highs overnight, sold down to the lows before noon, then rallied into the close to end high-range. Soybean futures followed a similar pattern but didn’t bounce as much as corn. Much improved moisture conditions in South America and a lack of big daily export sales weighed on futures. A tight supply-demand picture remains supportive, but evidence of new sales remains key to lifting prices. Market reports indicate U.S. corn is the best value in the world, but Brazil’s beans are cheaper than ours; however, they’re just 1% harvested and a trucker strike has been threatened. Wheat posted large losses as the U.S. continues to lose business to Russia ahead of their export taxes and quotas. Today is the beginning of determining the February pricing average used for crop insurance.

Live cattle futures closed mixed while feeders were higher across the board. The nearby LC contracts ended lower following last week’s disappointing cash market that ended around $113/cwt live and $178 dressed. Boxed beef values were higher at midday. Friday’s Cattle Inventory Report indicated 2021 supplies will be a little smaller than expected. USDA adjusted the 2019 calf crop down by around a half million head. The beef cow herd on January 1 was 31,158 head, or 0.6%, smaller than a year earlier. The dairy cow herd expanded by 64k head or 1% in 2020. The calf crop estimated for 2020 is the smallest since 2016.

Lean hog futures finished lower in the front contracts and higher in the July-forward ones. LH traded higher around the opening, but the nearby contracts drifted lower to end in the red. All LH contracts took a hit right before the closing bell. The February LH remains at a premium to the cash index, thus limiting it’s potential. Slightly lower hog slaughter and firm pork cutouts are supportive.

 

US$ +.5% 91.03  Highest daily close since December 9.

Dow +229 30212

SP +60 3774

NAS +333 13403

Tran +162 12250

  VIX -2.85 30.24

 

WTI +135 5355

Brent +131 5635

Gas +4 159

NG +29 285 – Cold weather forecast for February.

HO +5 165

Eth unch 171

Gold +13 1861

Slvr +250 2942 – Possible short squeeze effort.

 

2-yr -.006 0.111%

5-yr -.026 0.419%

10yr -.020 1.074%

30yr -.010 1.848%

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