Market Closes - January 27, 2021
Posted on Jan 27, 2021Corn Mar +2 534 (529-44); Jly unch 528; Dec -2 442
Bean Mar +4 1375 (1364-95); Jly +2 1354; Nov +1 1149
Meal Mar unch 437 (434-43)
Oil +61 4452
Wheat Mar -7 658; Jly -7 640 (636-51)
KC -4 637; MGE -5 633
Oats -2 352
Rice +15 1345
LC Feb -55 11645; Apr -47 12262; Jun -42 11905
FC Jan -1 13562; Apr -120 14307; Aug -45 15220
LH Feb +12 7057; Apr -65 7630; Jun -57 8735
Milk Feb +18 1555; Mar +23 1679
CBOT futures closed mixed but generally far below the day’s highs which were established overnight. The early strength came from follow-through buying after Monday and Tuesday’s strong rally. But a downdraft in the U.S. equity markets may have sent the speculative funds to the sidelines on a risk-off stance. Nevertheless, spec funds are huge longs in the corn and soy complex futures markets. Expectations for rain in some dry areas of S.A. also weighed on the market. Wheat futures closed lower without the support of rising corn/beans and the negative influence of a stronger US Dollar.
Cattle futures closed lower with slight losses in live futures and modest losses in feeder cattle. Traders paused after a strong start to the week. Early cattle strength failed as the U.S. equity market headed south. Although boxed beef values firmed, the live fed market hasn’t seen much follow-through on yesterday’s cash trade around $112.50. Some cattle traded today around $113/cwt. Choice beef gained .60 to 229.66 and Select rose 1.66 to 218.99.
Excluding the February LH, lean hog futures closed slightly lower after some contracts scored new contract highs. The risk-off trade in other commodities and the stock market may have encouraged traders to book some profits after a 5-day strong rally. As said before, February LH is held back by its significant premium to cash – although the spread is narrowing. FOB Plant Pork edged up .18 to 81.11, far below the morning quote of 83.63. Belly value went from up 7.92 in the morning to down 5.25 in the afternoon. Pork movement was light.
US$ +.5% 90.59
Dow -633 30304
SP -99 3751
NAS -355 13271
Tran -366 12277
VIX +9.38 32.4
WTI +2 5263
Brent -35 5556
Gas -1 157
NG +6 271
HO +1 161
Eth unch 153
Gold -9 1842
Slvr -22 2531
2-yr -.006 0.119%
5-yr -.017 0.410%
10yr -.026 1.014%
30yr -.027 1.775%
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