Market Closes - January 25, 2021
Posted on Jan 25, 2021Corn Mar +11 511 (492-515); Jly +11 510; Dec +4 435
Bean Mar +32 1343 (1298-1352; Jly +30 1328; Nov +18 1130
Meal Mar +8 430 (418-34)
Oil +67 4294
Wheat Mar +14 648; Jly +10 634 (615-36)
KC +14 627; MGE +13 626
Oats +9 354
Rice -4 1323
LC Feb -20 11652; Apr +42 12295; Jun +2 11882
FC Jan -70 13655; Apr +12 14625; Aug +187 15457
LH Feb +70 7062; Apr +47 7662; Jun +70 8750
Milk Feb -50 1596; Mar -24 1680
Grain and soy complex futures closed sharply higher but only erasing part of Friday’s huge losses. Futures tested the downside Sunday evening, began to recover overnight, and then shot upward once the day session opened. Corn and soybean futures were supported by strong weekly export inspections reported this morning and by ideas Friday’s losses were overdone amid the tight supply-demand situation. Wheat generally tagged along with corn/beans. Short-term weather in South America and extended thoughts on La Nina’s demise or extended impact will impact markets going forward.
Cattle futures closed mostly higher except for light weakness in the nearby contracts. The cattle market overcame a neutral to bearish Cattle on Feed Report posted Friday afternoon. December placements were markedly higher than traders expected. Nearby live cattle were weighed down by the February LC’s premium to the recent cash market which averaged $109.23/cwt last week ($172.59/cwt dressed). Average dressed weights averaged 839 lbs, up 12 lbs from a year ago. Cash cattle prices could come in higher later this week thanks to higher beef values and the snowstorm across the Plains. Choice beef jumped 3.91 to 226.73 and Select rose 2.87 to 216.21 on light movement. Negotiated cash trading was not established.
Lean hog futures closed higher as the 4-day bounce continues off last week’s lows. June and beyond contracts made new contract highs. Despite heavy slaughter and pork production, traders remain positive about China’s need for U.S. pork. Last week’s news of an ASF outbreak in China is supportive. FOB Plant Pork slid .70 to 82.13.
US$ +.1% 90.34
Dow -37 30960
SP +14 3855
NAS +93 13636
Tran -7 12850
VIX +1.28 23.19
WTI +50 5277
Brent +47 5588
Gas +1 156
NG +16 260
HO +2 159
Eth unch 160
Gold -1 1854
Slvr -7 2548
2-yr 0.121%
5-yr 0.405%
10yr 1.033%
30yr 1.796%
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