Market Closes - February 2, 2021

Posted on Feb 2, 2021

Corn Mar -6 543 (540-52); Jly -5 531; Dec -1 447

Bean Mar -10 1355 (1341-72); Jly -11 1334; Nov -3 1150

  Meal Mar -2 428 (423-31)

  Oil -65 4432

Wheat Mar -6 645; Jly -4 630 (625-38)

  KC -6 619; MGE -2 621

Oats -2 345

Rice +2 1336

 

LC Feb +110 11597; Apr +82 12252; Jun +57 11880

FC Mar +120 13912; May +132 14437; Aug +105 15192

LH Feb +200 7155; Apr +257 7807; Jun +120 8810

Milk Feb +22 1572; Mar +7 1624

CBOT futures closed lower as fund selling weighed on prices amid a lack of significant daily export sales announcements from USDA. South American weather is favorable although bean harvest is getting a slow start. Daily highs were set Monday evening when trade opened and prices meandered their way lower into the day trade. Corn finished near the lows, while soybeans and meal recovered to mid-range. Soybean futures are roughly where they were six trading days ago and remain far below the contract highs set mid-January after the last WASDE/Production reports. The next WASDE comes next Tuesday.  

Cattle futures closed moderately higher and near the day’s highs. Cattle were supported by friendly outside markets, rising beef cutouts and ideas that cash prices will improve this week – after last week’s disappointment. Feeder futures benefitted from the marked decline in corn futures. Choice beef gained 1.08 to 236.76 and Select dropped .55 to 225.04 on light movement. Negotiated trade was not established.

Lean hog futures closed strongly higher with nearly all contracts trading new contract highs. Hogs were supported by a rising Lean Hog Index and stronger pork values in the morning, as well as the recent strong pork export sales report last week. FOB Plant Pork ended down 1.56 at 81.10 after being up 1.16 in the morning. Belly value dropped 9.41 to 117.75; ham and picnic values also dropped. Loin value rose 2.39 to 80.82.

 

US$ steady 91.04

Dow +476 30687

SP +52 3826

NAS +209 13613

Tran +273 12523

  VIX -4.68  25.56

 

WTI +151 5506

Brent +147 5782

Gas +5 164

NG -3 282   Traded high as 300.5 overnight.

HO +4 169

Eth unch 171

Gold -28 1833

Slvr -264 2678 More than erased Monday’s rally. CME raised margins by 18% late Monday.  

2-yr +.002 0.113%

5-yr +.014 0.438%

10yr +.019 1.096%

30yr +.021 1.867%

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