Market Closes - February 17, 2021

Posted on Feb 17, 2021

Corn Mar +1 553 (547-55); Jly +2 540; Dec +2 460 (451-60)

Bean Mar -1 1384 (1376-90); Jly +1 1373; Nov +3 1189

  Meal Mar +3 432 (426-32)

  Oil -50 4677

Wheat Mar -13 644; Jly -9 637 (631-49)

  KC -13 624; MGE -8 623

Oats unch 353

Rice +3 1274

 

LC Feb -85 11530; Apr -165 12415; Jun -107 12062

FC Mar -235 13842; May -95 14525; Aug -105 15280

LH Apr -127 8490; May -85 8742; Jun -25 9262

Milk Feb -1 1563; Mar -18 1652

Corn and soybean futures closed narrowly mixed, while wheat futures ended significantly lower. Corn moved several cents lower under pressure from wheat but recovered to close near the day’s highs and in the green. Soybean futures made lows late morning before recovering to close mid-range. Wheat gave up a big portion of Tuesday’s sharp gains as traders became less worried about freeze damage to the dormant crop. Corn and soybeans were generally supported ahead of USDA’s Outlook Forum tomorrow and Friday where get USDA’s first forecast for the 2021 crop. As the South American soybean crop becomes more available for export, there’s risk for U.S. sales being replaced. China is on holiday this week, so export news will be light.

Cattle futures closed lower with feeders posting larger losses. Cattle traded higher soon after the 8:30 am opening but quickly turned south. Looks like cattle were pressured by profit-taking following the recent runup in futures. A weak cash market caused in part by the extreme winter weather and packing plant closures encouraged selling. This pressure outweighed the news of stronger beef cutouts. Choice beef gained 2.74 to 237.51 and Select jumped 3.61 at 225.64 on very light movement (due to weather?). Cash trade has been inactive. The monthly Cattle on Feed report is out on Friday afternoon.

Lean hog futures closed mostly lower with nearby April LH leading the losses. Despite recent cash hog price strength and a big bump in the pork cutout this morning, April LH was hit by profit-taking on concerns it is holding too much premium to the Lean Hog Index ($8 plus). FOB Plant Pork ended the day down .54 at 89.17 compared to a gain of 3.29 in the morning quote.


US$ +.3%  90.92

Dow +90 31613

SP -1 3931

NAS -82 13965

Tran -82 13099

  VIX +.04 21.50

 

WTI +108 6116

Brent +99 6434

Gas +4 181

NG +9 322

HO +2 184

Eth unch 169

Gold -26 1773

Slvr -1 2731

 

2-yr -.014 0.109%

5-yr -.007 0.554%

10yr -.017 1.282%

30yr -.046 2.045%

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