Market Closes - January 6, 2021

Posted on Jan 7, 2021

Corn 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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