Market Closes - January 14, 2021

Posted on Jan 14, 2021

Corn Mar +10 534 (519-36); Jly +11 535; Dec +4 458

Bean Mar +24 1430 (1403-36); Jly +25 1413; Nov +20 1196

  Meal Mar +8 465 (457-66)

  Oil +93 4311

Wheat Mar +9 670; Jly +7 655 (643-57)

  KC Mar +11 636; MGE +12 640

Oats +6 368

Rice +3 1315

 

LC Feb -17 11207; Apr -25 11722; Jun -15 11495

FC Jan -97 13260; Apr -75 13600; Aug -67 14552

LH Feb -55 6630; Apr -87 7207; Jun -85 8432

Milk Jan -2 1629; Feb +40 1930; Mar +58 1906

CBOT futures resumed their strong rally, closing near the day’s highs and resulting in new contract high closes in corn, soybeans and wheat. Corn and Chicago wheat did not make new contract highs; soybean topped out today near yesterday’s highs. KC and MGE wheat scored new contract highs. Bullish momentum on tightening corn and soybean carryout forecasts and heavy spec fund buying continue to lift the market. South American rainfall has not been sufficient to scare the longs. This morning’s weekly export sales report was positive for corn and soybeans, negative for wheat. Wheat is following the corn/bean market higher but does have some support from indications that Russia will restrict wheat exports to keep domestic food prices in control. It’s reported that China’s soybean imports for 2020 totaled a record-high 100.3 MMT, up 13.3% over 2019.

Live cattle futures closed mixed (lower nearby, higher in deferreds) and feeder futures were mostly lower, thanks to the sharp rise in CBOT futures. Nearby fed supplies are large and cash prices are soft. Choice beef jumped 2.37 to 213.37 and Select gained 2.01 to 201.07 on light movement. Cash trading has been light today at steady to lower prices.

Lean hog futures closed lower despite a strong pork market. The weekly pork export sales report had a strong total, but China wasn’t a buyer, so that’s a concern. FOB Plant Pork was up 5.54 in the morning, but closed only up 2.42 at 80.55. Belly value soared 16.12 to 128.08, offset by a 12% drop in the picnic value. Movement was on the low end.

 

US$ -.1% 90.24

Dow -69 30992

SP -14 3796

NAS -16 13113

Tran +141 13113

  VIX +1.04  23.25

 

WTI +74 5370

Brent +36 5642

Gas +1 156

NG -6 266

HO +2 162

Eth unch 163

Gold -8 1847

Slvr +3 2560

 

2-yr  unch 0.147%

5-yr +.010 0.484%

10yr +.039 1.127%

30yr +.053 1.871%

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