Market Closes - February 9, 2021

Posted on Feb 9, 2021

Corn Mar -7 556 (545-74); Jly -8 539; Dec -2 456

Bean Mar +14 1402 (1377-1409); Jly +11 1379; Nov +11 1191

  Meal Mar +2 439 (432-44)

  Oil +89 4652

Wheat Mar -6 649; Jly -2 641 (631-46); Dec -2 644

  KC -6 633; MGE -9 626

Oats -1 354

Rice -5 1291

 

LC Feb +87 11745; Apr -12 12382; Jun -37 11965

FC Mar +120 13865; May +150 14507; Aug +130 15270

LH Feb +42 7260; Apr -27 8037; Jun -30 8977

Milk Feb -14 1547; Mar -20 1634

Reacting to the midday USDA WASDE report, CBOT futures closed widely mixed with corn and wheat lower and soy complex futures higher. Futures traded higher into the release of the report, hoping for a bullish reaction. Instead, all three major contracts had negative reactions to the USDA forecasts over the next 20 minutes or so. This was followed by a wide magnitude of recovery, resulting in the mixed closes. Although the soybean forecast was mostly in line with expectations, March Soybean fell as much as 30 cents before rallying back strongly to close 14 cents higher (25 cents above the low). USDA’s corn forecast only cut 2020/21 ending stocks by 50 million bushels to 1.502 billion bushels compared to the average trade guess of 1.39 billion. This bearish number kept corn from bouncing back like soybean contracts did. March Corn fell as much as 26 cents and closed only 11 cents above its midday low, ending down 7  cents from Monday. If China keeps buying U.S. corn, then future WASDE reports could tighten stocks forecasts. China’s domestic corn prices are the equivalent of nearly $12/bushel so imported corn is a bargain. Wheat’s USDA numbers were generally neutral but traded more in line with corn.

Live cattle futures closed mixed and feeder futures rallied on lower corn futures. The February LC contract found support from this week’s extreme cold that is bound to limit weight gain and reduce marketings. Feedlots are offering cattle at $116-117 in the southern Plains and at least $185/cwt dressed in the north. Cash trade was not active today. Choice beef ended down 1.91 at 234.29 and Select edged up .12 to 220.73.

Lean hog futures closed narrowly mixed with the February LH posting the best gain of 42.5 cents. Support came from the rising CME Lean Hog Index and strong morning pork cutouts. Pork movement was very strong today at 368 loads. Packers are operating with big profit margins. FOB Plant Pork ended up .49 at 85.36, compared to a gain of 2.06 in the morning. Belly value rose 6.00 to 140.86 while ham value fell 5.75 to 72.63.

US$ -.5%  90.44

Dow -10 31376

SP -4 3911

NAS +20 14008

Tran +85 12960

VIX +.23 21.47

 

WTI+39 5836

Brent +53 6109

Gas unch 167

NG -5 283

HO +1 176

Eth unch 171

Gold +3 1835

Slvr -17 2740

 

2-yr +.006 0.117%

5-yr -.001 0.474%

10yr -.001 1.159%

30yr +.005 1.949%

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