Market Closes - January 20, 2021

Posted on Jan 20, 2021

Corn Mar -4 522 (513-26); Jly-6 519; Dec -6 449

Bean Mar -16 1369 (1352-84); Jly -17 1352; Nov -17 1172

  Meal -8 442 (439-51)

   Oil +84 4254

Wheat Mar -4 668; Jly -8 650 (644-61)

  KC -7 637; MGE -6 637

Oats +1 364

Rice +1 1321

 

LC Feb +2 11335; Apr -47 11887; Jun -57 11615

FC Jan +90 13530; Apr +102 14062; Aug +97 15005

LH Feb +195 6842; Apr +165 7307; Jun +150 8450

Milk Feb -125 1723; Mar -81 1780

Corn, wheat and soybean/meal futures posted sizable losses again today as prices further correct off contract highs. Despite the negative closes, corn and soybean futures were able to climb way above the lows which occurred overnight. The bounce-back started once the day session began trading. The markets face pressure from fund liquidation as soil moisture improves in more areas of Brazil and less so in Argentina. Needless to say, South American weather is a key factor in the short term. Technically on the charts, old-crop corn futures dropped low enough to fill the up-gap from January 13. Price action the next two days may be key to determining if an intermediate top is in.

Cattle futures closed mixed with live cattle lower and feeders higher. Feeder futures benefitted from the weaker grain market. Choice beef gained 1.42 to 218.91 and Select edged up .84 at 207.28. Cash trading was light with live prices close to steady around $110/cwt. Friday brings the monthly Cattle on Feed Report from USDA. Average analyst expectations are January 1st inventory to be down 0.5% year/year.

Lean hog futures opened steady but rallied strongly to close much higher. Market support came from higher cash hog prices and pork values. FOB Plant Pork was up 4.33 in the morning report, but only closed up 1.60 at 79.02. Loins, picnics and hams had strong value increases while the belly, rib and butt lost value.

US$ steady 90.46

Dow +258 31188

SP +53 3852

NAS +260 13457

Tran +226 13126

 VIX -1.66 21.58

 

WTI -4 5294

Brent -15 5575

Gas -1 153

NG -1 254

HO -1 159

Eth unch 163

Gold +31 1871

Slvr +58 2590

 

2-yr -.002 0.129%

5-yr -.005 0.442%

10yr -.014 1.078%

30yr -.012 1.827%

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