Market Closes - January 11, 2021

Posted on Jan 11, 2021

Corn Mar -4 492 (490-500); Jly -3 491; Dec unch 441

Bean Mar -2 1372 (1354-89); Jly unch 1358; Nov -7 1155

  Meal Mar +7 447 (437-47)

  Oil -96 4263

Wheat Mar -4 635; Jly -3 629 (624-40)

  KC -1 594; MGE -2 606

Oats -3 355

Rice -8 1258

 

LC Feb -107 11340; Apr -95 11835; Jun -32 11495

FC Jan +17 13600; Apr -5 13902; Aug -35 14735

LH Feb -22 6847; Apr +12 7295; Jun +25 8400

Milk Jan -11 1659; Feb -22 1948; Mar -11 1896

CBOT futures closed mostly lower with soybean meal being the exception with a contract high close up $7/ton and new contract high. A big drop in soybean oil led to soybeans ending steady to lower. Today’s trading was mostly about positioning for tomorrow’s USDA crop reports at Noon EST. Traders expect a tightening of the supply-demand tables, including US soybeans 20/21 ending stocks at 139 million bushels.  US Corn ending stocks expected at 1.597 billion bushels.  Other negative factors today include the stronger US Dollar and better rainfall in South America.

Cattle futures mostly closed little changed with a downward bias, but nearby Live Cattle were pressured by last week’s steady-at-best live market ($110-112). Choice beef gained .89 to 207.69 and Select dropped .95 to 195.74. Live negotiated trade was not established.

Lean hog futures closed slightly higher except the February LH finished barely in the red. Although the pork cutout has strengthened measurably the past week, hog futures are weighed down by the February LH’s roughly $5.00 premium to the cash LH Index. FOB Plant Pork closed up 2.38 at 83.38 on strength in the value of ham – up 13.02 to 85.25. The picnic dropped 10% in value to 48.08.

US$ +.5% 90.54

Dow -89 31009

SP -25 3800

NAS -166 13036

Tran -6 12870

  VIX +2.52 24.08

 

WTI -6 5218

Brent -38 5561

Gas -2 152

NG +5 275

HO -1 157

Eth unch 152

Gold +15 1851

Slvr +65 2528

 

2-yr +.012 0.149%

5-yr +.028 0.507%

10yr +.039 1.146%

30yr +.021 1.884%

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