Market Closes - January 27, 2021

Posted on Jan 27, 2021

Corn 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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