Market Closes - January 6, 2021
Posted on Jan 7, 2021Corn Mar +3 495 (491-503); Jly +3 494; Dec +3 441
Bean Mar +14 1361 (1354-78); Jly +11 1347; Nov +12 1153
Meal +6 438 (434-44)
Oil +24 4384
Wheat Mar -6 647; Jly -1 639 (635-45)
KC -6 603; MGE -1 606
Oats -3 360
Rice +8 1269
LC Feb -5 11500; Apr +17 11927; Jun +27 11495
FC Jan -90 13577; Apr -75 13862; Aug -57 14712
LH Feb -115 6977; Apr -110 7300; Jun -57 8362
Milk Jan +44 1661; Feb +114 1901; Mar +91 1894
Corn and soy complex futures closed stronger with new contract highs and contract high closes. Wheat followed corn and soybeans higher overnight, but faded into negative territory as corn/beans worked lower into the morning break period. The day session was mostly a sideways affair. Market factors remain the same, including the bullish momentum fed by the spec funds, weather concerns in South America, a weaker US Dollar and strong export demand. South American weather is the one factor that could change the outlook. Next week’s USDA supply-demand update will be closely examined for tightening stocks situations.
Cattle futures closed mixed with live cattle slightly higher and feeder cattle down 45-90 cents. In contrast to Monday and Tuesday, LC and FC traded narrow ranges today. The cattle market lacks direction but feeders were pressured by another push higher in the corn market. Choice beef dropped .63 to 205.27 and Select fell .41 to 196.08 on heavy movement. Negotiated cash trading continues to be very inactive, although USDA reported a few sales at $112/cwt.
Lean hog futures closed lower with bigger losses in the nearby contracts. A failure to push above Monday highs, which are near the October highs, led to selling by mid-morning. Futures closed near the day’s lows. Market-ready hog supplies are plentiful. FOB Plant Pork ended up .02 at 77.65. While the loin and butt lost around 4% in value, ham value rose about 4%. Traders eagerly await Thursday’s weekly export sales report to see if strong export sales continue.
Milk futures rallied for a second day following news that the recent COVID legislation will result in around $300 million of dairy product purchases.
US$ -.1% 89.38
Dow +438 30829
SP +21 3748
NAS -78 12741
Tran +347 12706
VIX -.27 25.07
WTI +55 5048
Brent +54 5414
Gas +2 147
NG +1 272
HO +1 152
Eth unch 149
Gold -34 1921
Slvr -23 2741
2-yr +.016 0.139%
5-yr +.050 0.427%
10yr +.087 1.042%
30yr +.115 1.819%
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