Market Closes - January 11, 2021
Posted on Jan 11, 2021Corn 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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