Market Closes - January 7, 2021

Posted on Jan 7, 2021

Corn Mar -1 494 (487-96); Jly unch 493; Dec unch 441

Bean Mar -6 1355 (1342-69); Jly -5 1342; Nov unch 1153

  Meal -6 432 (430-41)

  Oil -5 4379

Wheat Mar -5 642; Jly -5 634 (631-40)

  KC -5 598; MGE -3 603

Oats -4 355

Rice +1 1270

 

LC Feb -2 11497; Apr +22 11950; Jun +42 11537

FC Jan +92 13670; Apr +105 13967; Aug +110 14822

LH Feb -65 6912; May +32 7792; Jun +50 8412

Corn futures ended nearly unchanged but wheat and soybeans closed down mostly 4-6 cents/bushel. Last evening, futures barely traded higher than yesterday’s closes before trending lower overnight; the day’s lows came around the opening of the day session. Corn climbed back to nearly unchanged but soybeans finished mid-range and soybean meal near the lows. The weekly export sales report was ok for corn but negative for soybeans. The daily report included two sales of soybeans to unknown buyers. Other factors weighing on the market included a stronger US Dollar and rain in South America. Traders may be taking profits ahead of Tuesday’s USDA reports on crop size, December 1st grain stocks and marketing-year supply-demand tables. Traders believe USDA will tighten 20/21 soybean ending stocks to 139 million bushels. Government data shows the U.S. exported nearly 408 million bushels of soybeans in November – a record for the month of November. Soybean meal exports hit a 6-year high for November.

Cattle futures closed higher led by the feeder contracts due to the weaker CBOT. Despite a lack of cash trading, traders are optimistic prices could firm by Friday. April LC ended near the day’s highs and not far below the recent highs set last week. Choice beef climbed .54 to 205.81 and Select gained .51 to 196.59 on strong movement. On light negotiated trade, prices are nearly steady with last week – live at $112 and dressed at $176-177.

Lean hog futures closed higher except for the February contract dropping 65 cents. February LH was weaker despite a stronger cash hog market and higher pork values. This morning’s weekly export sales report was disappointing for pork.  FOB Plant Pork rose 2.17 to 79.82 on strength in the value of bellies, picnics and loins.

US$ +.5% 89.82

Dow +212 31041

SP +56 3804

NAS +327 13067

Tran +105 128811

  VIX -2.70 22.37

 

WTI +29 5092

Brent +21 5451

Gas +1 148

NG -4 268

HO +1 154

Eth unch 149

Gold +6 1915

Slvr +21 2725

 

2-yr -.004 0.141%

5-yr +.029 0.461%

10yr +.037 1.079%

30yr +.033 1.854%

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