Market Closes - February 18, 2021

Posted on Feb 18, 2021

Corn Mar -3 550 (548-54); Jly -1 539; Dec -1 459 (456-60)

Bean Mar -9 1375 (1370-91); Jly -8 1365; Nov -2 1186 (1181-94)

  Meal Mar -6 426 (425-33)

  Oil +14 4691

Wheat Mar +18 662; Jly +12 650 (635-53); Dec +11 652

  KC +12 637; MGE +9 632

Oats unch 353

Rice -1 1273

 

LC Feb -17 11512; Apr -122 12292; Jun -85 11977

FC Mar -22 13820; May -62 14462; Aug +5 15285

LH Apr +2 8492; Jun +2 9265; Aug +15 9135

Milk Feb -1 1562; Mar -26 1626; Apr -16 1696  

 

CBOT futures closed mixed with wheat up sharply and corn and soybeans moving lower. USDA made its first forecast for 2021 corn and soybean acreage at today’s Outlook Forum – corn at 92 million acres, up 1.2 million from 2020 (final planted), and soybeans at 90 million acres, up 6.9 million from last year. The market continues to be somewhat on hold until China comes off holiday next week and traders find out if China will keep buying U.S. commodities or try to wait on South American supplies. Brazil’s soybean harvest is running behind and other issues have slowed their shipments. Wheat rallied sharply as winterkill and drought potential returned to the fore.

Cattle futures closed widely mixed with April LC and FC posting the largest losses. Today’s losses added to yesterday’s sharp drop. The extreme winter weather has impacted cattle movement and slaughter this week. This week’s strength in beef values should keep the cash market supported. Choice beef gained 1.34 to 238.85 and Select rose 1.83 to 227.47. Movement improved from Tuesday and Wednesday. Light cash trade was reported at $114/cwt live and $180-181 dressed.

Lean hog futures managed to close slightly higher after selling off in the opening minutes of trade. LH were supported by recent strength in cash hog price and pork values. FOB Plant Pork ended up 1.64 at 90.81 with nice value gains for loins, butts and bellies. Traders will look closely at tomorrow’s weekly export sales report as well as keep in tune to the ASF situation in China.

 

US$ -.4% 90.55

Dow -119 31494

SP -17 3914

NAS -100 13865

Tran -50 13049

  VIX +.85 22.35

 

WTI -63 6053

Brent -83 6351

Gas -2 179

NG -14 308

HO unch 184

Eth unch 173

Gold +2 1775

Slvr -24 2708

 

2-yr -.002 0.109%

5-yr -.013 0.553%

10yr -.008 1.291%

30yr +.010 2.079%

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