Market Closes - January 4, 2021

Posted on Jan 4, 2021

Corn Mar unch 484 (479-98); Jly +2 482; Dec unch 434 (431-40)

Bean Mar +2 1313 (1301-49); Jly +6 1304; Nov +9 1121 (1112-47)

  Meal Mar -6 424 (421-41)

  Oil Mar -27 4213

Wheat Mar +1 642; Jly +1 630 (623-36)

  KC -4 599; MGE unch 599

Oats -5 356

Rice +3 1272

 

LC Feb -272 11230; Apr -300 11625; Jun -212 11257

FC Jan -400 13495; Apr -372 13805; Aug -207 14695

LH Feb +95 7122; Apr +137 7362; Jun +105 8387

Milk Jan -31 1549; Feb -28 1721

CBOT future managed only a mixed close after trading sharply higher Sunday evening through the night. Futures headed south in the first hour of the day session, leaving the closing prices far below those new contract highs. Some factors blamed for the sell-off include farmer selling, rain forecast for Brazil and funds taking profits. A negative turnaround in crude oil and equity markets weighed on the market. Soybean futures surprising held up despite sizable losses in meal and soyoil. The meal chart posted a bearish key reversal, but soybean futures did not. South American weather will remain a key factor in the short run.

Cattle futures closed sharply lower on the first day of 2021. Cattle opened little changed but headed south as U.S. stock indexes traded down sharply. While stocks bounced back some in the afternoon, cattle futures weren’t as fortunate. The losses may have been amplified by sell-stops and profit-taking as futures fell below key December lows. Choice beef slipped .08 to 209.87 and Select gained .88 to 196.53. The load count was light at 102. As you would expect, cash trade was not established. Last week’s prices were around $112/cwt live and $175-176/cwt dressed.

Lean hog futures closed strongly higher across the board on support from a very strong pork market in the morning. Compared to the morning quote of 85.74, FOB Plant Pork ended the day at 77.77, down .81. Ham value went from up 25 to down 4. Belly value was steady all day near 120, up over 7 today. Last week’s strong export sales report gives traders optimism that China will remain a big buyer.

US$ steady 89.89

Dow -383 30224

SP -55 3701

NAS -190 12698

Tran -277 12230

  VIX +4.22  26.97

 

WTI -120 4732

Brent -109 5071

Gas -4 137

NG +6 259

HO -3 146

Eth +5 149

Gold +52 1947

Slvr +97 2738

 

2-yr -.004 0.117%

5-yr -.005 0.354%

10yr +.006 0.918%

30yr +.020 1.662%

 

USDA Announces CRP General Signup Begins Today and Ends February 12
     Agricultural producers and private landowners interested in the Conservation Reserve Program [lnks.gd] (CRP) can sign up for the popular program beginning today, Jan. 4, 2021, until Feb. 12, 2021. The competitive program, administered by USDA’s Farm Service Agency (FSA), provides annual rental payments for land devoted to conservation purposes.

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