Market Closes - January 5, 2021
Posted on Jan 5, 2021Corn 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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