Market Closes - January 5, 2021

Posted on Jan 5, 2021

Corn Mar +8 492 (482-96); Jly +8 490; Dec +4 438

Bean Mar +34 1347 (1313-73); Jly +32 1335; Nov +20 1141

  Meal Mar +8 432 (424-37)

  Oil +147 4360

Wheat Mar +12 654; Jly +10 640 (627-46)

  KC +10 609; MGE +8 607

Oats +7 363

Rice -11 1261

 

LC Feb +275 11505; Apr +285 11910; Jun +210 11467

FC Jan +172 13667; Apr +132 13937; Aug +75 14770

LH Feb -30 7092; Apr +47 7410; Jun +32 8420

Milk Jan +75 limit 1617; Feb +75 limit 1787

Grain and soy complex futures closed strongly higher but well short of the day’s highs, especially in soy contracts. After Monday’s give-up of the strong gains, traders, led by the spec funds, rallied the market sharply in the first couple hours of day trade. Heavy fund buying is adding to the huge long position that will eventually be sold; but to whom and at what price. Soybeans hit new contract highs but closed down near Monday’s highs. For March soybeans, the high was 26 cents above the close; for November, the difference was 18 cents. The March SB has rallied $1.80 in the past month and $2.90 in two months. Nearby futures are at levels last seen in 2014. South American weather, Chinese purchases and the spec funds will determine price direction ahead of next week’s USDA supply-demand update.

It was turnaround Tuesday in cattle futures with Live Cattle erasing Monday’s big losses, but feeder futures gained less as the CBOT surged higher. Fundamentals haven’t changed but the surging prices of commodities, agricultural and industrial alike, may have lifted cattle. Choice beef dropped 3.97 to 205.90 and Select slipped .04 to 196.49, leaving the Choice-Select Spread at 9.41.

Lean hogs futures closed slightly higher except for the nearby February LH losing 30 cents. Given the February LH’s sharp premium to cash, it’s upside is limited in the near-term. But the summer June and July LH contracts hit new contract highs, surpassing year-ago highs. FOB Plant Pork slipped .14 to 77.63. Ham value fell 6% and Belly value gained over 4%. Carcass weights are record high.

US$ -5%  89.47  New low close for the move.

Dow +168 30392

SP +26 3727

NAS +121 12819

Tran +129 12359

  VIX -1.63 25.34

 

WTI +231 4993

Brent +242 5351

Gas +8 145

NG +12 270

HO +6 152

Eth unch 149

Gold +8 1954

Slvr +28 27.64

 

2-yr +.008 0.123%

5-yr +.023 0.377%

10yr +.038 0.955%

30yr +.048 1.704%

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