Market Closes - January 13, 2021
Posted on Jan 13, 2021Corn 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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