Market Closes - January 28, 2021

Posted on Jan 28, 2021

Corn Mar unch 534 (529-50); Jly -1 527; Dec -4 439

Bean Mar -21 1353 (1345-91); Jly -21 1333; Nov -18 1131

  Meal Mar -9 427 (424-41)

  Oil +13 4465

Wheat Mar -11 647; Jly -9 631 (630-48)

  KC -11 626; MGE -13 619

Oats -6 347

Rice -6 1339

 

LC Feb -45 11600; Apr +7 12270; Jun -22 11882

FC Jan +7 13570; Apr -40 14267; Aug -32 15187

LH Feb -62 6995; Apr +7 7637; Jun -50 8685

Milk Feb -1 1551; Mar +1 1666

CBOT futures closed steady in old-crop corn but lower in wheat, soybeans and meal. While these commodity prices rose overnight, they worked lower soon after the 8:30 am opening. Old-crop corn traded to new contract highs before closing near steady; new-crop corn is far below contract highs set January 13. Corn held up best because of another day of corn export sales to China and a strong weekly sales number. Weekly soybean sales were disappointing. Soybean futures were additionally pressured by improving conditions in South America and fund selling. Tomorrow is the last trading day for January.  

Cattle futures closed steady to slightly lower in both live cattle and feeders. Trading was in narrow ranges as traders prepare for tomorrow’s semi-annual Cattle Inventory Report; it’s expected to show slight reductions in the beef cow herd -1.3%) and 2020 calf-crop (-0.8%) compared to a year earlier. Dairy cow inventory is expected to rise 0.7% year/year. Choice beef closed up 2.33 at 231.99 and Select gained 1.89 to 220.88. Negotiated trade remains light and may remain so until the Cattle Inventory Report is published tomorrow.

Lean hog futures closed mixed with nearby February LH lower. It was pressured by its premium to the cash index and by plentiful hog supplies. Hogs had a strong week, so today’s losses aren’t significant. This morning’s weekly pork export sales report was very good with 52,900 MT sold. FOB Plant Pork finished the day up 2.38 at 83.49, supported by a 5.60 jump in the loin value. The rib was the only cut with a price decline.

US$ -.1% 90.51

Dow +301 30604 (high 30951)

SP +37 3787 (high 3830)

NAS +67 13337

Tran +128 12405

  VIX -6.82  30.39

 

WTI -76 5209

Brent -46 5535

Gas unch 157

NG -4 266

HO -1 160

Eth unch 160

Gold -7 1838

Slvr +53 2592

 

2-yr +.002 0.121%

5-yr +.023 0.430%

10yr +.038 1.052%

30yr +.029 1.809%
 

 

U.S. Drought Monitor 
https://droughtmonitor.unl.edu/

 

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