Market Closes - February 22, 2021

Posted on Feb 22, 2021

Corn Mar +8 551 (543-51); Jly +8 541; Dec +10 470 (462-70)

Bean Mar +6 1384 (1371-88); Jly +9 1377; Nov +15 1212 (1197-1212)

  Meal Mar -1 423 (421-27)

  Oil +35 4790

Wheat Mar +13 664; Jly +14 657 (643-58)

  KC +13 644; MGE +9 638

Oats +3 351

Rice +2 1289

 

LC Feb -20 11572; Apr -62 12305; Jun -27 12025

FC Mar +20 13932; May +35 14607; Aug +25 15415

LH Apr +62 8512; Jun +77 9310; Jly +82 9315

Milk Mar +6 1633; Apr +6 1682

Corn, beans and wheat futures closed sharply higher at/near the day’s highs. December Corn and November Soybeans made new contract highs, but old-crop futures generally traded inside Friday’s wider ranges. Traders returned from the weekend with orders to fill. Last Friday’s grain/oilseed outlook by USDA suggested tight supplies may last through 2021/22 MY. Markets were supported by rising prices for crude oil, precious metals and other commodities. Ideas that inflation is heating up encouraged the buying and also caused Treasury rates to continue rising. Natural gas dropped in price as warm weather replaces last week’s record cold in the southern U.S.

Live cattle ended down slightly and feeder futures were marginally higher despite the strong rally in corn. Live cattle were pressured by last Friday afternoon’s Cattle on Feed report that was considered slightly bearish. February 1st on-feed inventory was up 1.5% from a year ago, higher than expected. Placements were up 3.2% yr/yr versus a steady expectation. Choice beef gained .75 to 239.98 and Select rose 2.08 to 229.98. Cash fed markets are not established. Last week’s prices were $114-115 live and $180-182 dressed.

Lean hog futures closed strongly higher with July-forward LH contracts making new contract highs. Despite efforts by China to project their hog herd is growing back to normal, traders remain optimistic on U.S. pork export. FOB Plant Pork ended up .62 at 92.11.

US$ -.3%  90.10

Dow +27 31522

SP -30 3876

NAS -341 13533

Tran +107 13381

  VIX +1.40 23.45

 

WTI +293 6219

Brent +288 6579

Gas +5 185

NG -12 295

HO +5 187

Eth unch 169

Gold +32 1809

Slvr +96 2821

 

2-yr +.004 0.113%

5-yr +.013 0.594%

10yr +.019 1.364%

30yr +.035 2.175%

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