Market Closes - January 13, 2021

Posted on Jan 13, 2021

Corn Mar +7 524 (522-41); Jly +8 524; Dec -4 453

Bean Mar -12 1406 (1403-37); Jly -11 1388; Nov unch 1176

  Meal -8 457 (456-71)

  Oil -45 4218

Wheat Mar -4 660; Jly -3 647 (642-60)

  KC +3 626; MGE +8 629

Oats unch 362

Rice +27 1312

 

LC Feb -22 11225; Apr -17 11747; Jun +17 11510

FC Jan +35 13357; Apr +50 13675; Aug +55 14620

LH Feb -165 6685; Apr -57 7295; Jun +20 8517

Milk Jan -8 1631; Feb +22 1890; Mar +16 1848

Corn, wheat, soybeans and soybean meal futures traded new contract highs during the overnight session, but closed far below those highs and near the day’s lows. The overnight strength resulted from follow-through buying to Tuesday’s sharp rally created by the bullish USDA reports. Corn gapped higher and the old-crop contracts maintained those large gaps, eventually closing 7-8 cents higher. Old-crop soybeans and meal futures closed moderately lower on improving soil moisture in South America. USDA reported sizable soybean export sales this morning, but it didn’t matter. The early morning decline may have resulted from increased farmer selling and speculative profit-taking.  

Live cattle closed mixed and feeder futures made small gains. Nearby live cattle lost a little ground due to midweek weakness in the cash market. Deferred LC gained due to rising feed costs. Feeders managed small gains, erasing part of Tuesday’s losses, in part due to firming deferred live cattle futures which are making new contract highs. Choice beef gained 1.86 to 211.00 and Select rose .97 to 199.06. Cash trade has picked up midweek on weaker prices; live cattle mostly $109-111 and dressed price at $172. Packer margins have reportedly narrowed to their lowest level in 10 months.

Lean hog futures closed mixed with nearby LH pressured by the February contract’s premium to the cash index. Deferred LH futures edged higher on ideas that pork supplies will be tightened due to high feed costs. FOB Plant Pork dropped 1.06 to 78.13 with belly value down 15 to 112, while ham value rose 4.5 to 75 and the picnic rose 20% in value.

US$ +.3% 90.31

Dow -8 31060

SP +9 3810

NAS +57 13129

Tran -80 12972

  VIX -1.12  22.21

 

WTI -28 5296

Brent -52 5606

Gas unch 155

NG -3 272

HO unch 160

Eth +11 163

Gold +11 1855

Slvr +14 2557

 

2-yr -.002 0.145%

5-yr -.029 0.475%

10yr -.046 1.092%

30yr -.061 1.824%

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