Market Closes - February 4, 2021

Posted on Feb 4, 2021

Corn Mar -2 550 (547-58); Jly unch 537; Dec +1 452

Bean Mar +1 1372 (1364-81); Jly +1 1349; Nov +4 1160

  Meal Mar -2 433 (431-37)

  Oil +46 4494

Wheat Mar -11 637; Jly -5 628 (623-35)

  KC -7 619; MGE -3 622

Oats +1 350

Rice -6 1302

 

LC Feb +97 11645; Apr +130 12375; Jun +72 12020

FC Mar +97 13950; May +75 14507; Aug +42 15272

LH Feb -135 7202; May +5 8282; Jun +5 8877

Milk Feb -3 1555; Mar +9 1612

 

CBOT futures closed mixed but mostly well below the day’s highs. March corn barely hit a new contract high before selling off. Today’s price action in corn and soybeans didn’t do any damage technically; prices remain at the upper end of the trading range. This morning’s weekly export sales report didn’t disappoint, but there were no daily reported sales. The break in soybean meal futures limited gains in old-crop soybean futures. The up trending US Dollar Index is a negative factor for commodity prices; it’s back to December 1st levels and around 2.4% higher than the early January low. Wheat was pressured by its comfortable supply-demand balance and the U.S. price being uncompetitive with Russia. The average trade guesses call for tighter corn and soybean ending stocks in next Tuesday’s WASDE.

Live and feeder cattle futures closed higher and near the day’s highs. June LC traded a new contract high. LC rallied on a strong weekly beef export sales report and optimism about cash fed prices firming up tomorrow. Choice beef dropped 1.03 to 234.25 and Select fell 2.95 to 220.44. Negotiated cash volume was not enough for a market trend.

February Lean Hogs closed down 1.35 while the other LH contracts ended barely higher. LH opened strongly higher this morning but prices fell significantly by mid-morning. Except for February LH, futures recovered back to mid-range or better. The August and October LH made new contract high closes today. Lean hogs were supported by higher cash hog prices and a sharply higher pork cutout. The morning’s weekly pork export sales report was strong again this week. FOB Plant Pork soared 5.60 higher to 85.83, thanks to sharply higher ham (80.60) and belly (133.62) values.

 

US$ +.5% 91.55  Highest level since December 1.

Dow +332 31056

SP +42 3872  RECORD

NAS +167 13778  RECORD

Tran +180 12708

  VIX -1.14 21.77

 

WTI +54 5623

Brent +56 5902

Gas unch 165

NG +15 293

HO +1 170

Eth unch 171

Gold -43 1789

Slvr -65 2623

 

2-yr -.004 0.113%

5-yr -.002 0.457%

10yr +.008 1.139%

30yr +.023 1.935%

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