Market Closes - March 1, 2021
Posted on Mar 1, 2021Corn May -9 538 (537-54); Jly -8 527; Dec -2 469 (468-75)
Bean May -13 1391 (1389-1422); JLy -10 1381; Nov -4 1219 (1215-37)
Meal May -3 418 (418-27)
Oil -71 4923
Wheat May -10 650; Jly -7 642 (640-56)
KC May -10 623; MGE -5 633
Oats -2 363
Rice +4 1308
LC Apr -102 11897; Jun -92 11750; Aug -57 11647
FC Mar -147 13720; May -117 14390; Aug -27 15167
LH Apr +57 8772; Jun +77 9495; Aug +70 9432
Milk Mar -6 1616; Apr +2 1745
CBOT futures closed mostly lower and near the day’s lows. Futures traded higher Sunday evening but eventually fell to the negative side with losses accelerating as the day session progressed. Old-crop contracts lost ground to new-crop as signs of new export business are absent. Weather in South America and its impact on soybean harvest and corn planting, along with U.S. export sales/shipments will drive prices in the short run. Old-crop corn contracts posted bearish outside-down days on the charts; today was the 3rd day in a row of lower closes.
Spring crop insurance guarantees for corn and soybeans are $4.58 and $11.87 per bushel, respectively, increases of $0.70 and $2.70 from last year. March 15 is the deadline to purchase insurance.
Cattle futures closed lower and mostly in the lower portion of the trading range. Live cattle were pressured by last week’s disappointing fed cattle price result. The selloff that started February 17 continues as the spec longs liquidate positions. Choice beef fell 1.50 to 239.03 and Select lost 2.09 to 227.64. Negotiated cash trade was not active. Last week’s 5-market average price was $114.12/cwt and $181.69/cwt dressed. Beef production of 561 million pounds was up 20.4% from the prior week when winter weather affected operations. News reports indicate beef packers have huge profits around $400/head.
Lean hog futures closed higher on strength in cash hog prices and the pork cutout. FOB Plant Pork dropped 1.47 to 92.37, compared to a gain of 1.51 in the morning. The main cause was a 7% loss in ham’s value. In contrast to cattle, hog packer margins were reportedly under $17/head to end last week.
US$ +.1% 91.01
Dow +603 31536
SP +91 3902
NAS +396 13589
Tran +287 13618
VIX -4.60 23.35
WTI -130 6020
Brent -120 6322
Gas -2 193
NG +1 278
HO -4 181
Eth unch 170
Gold -6 1723
Slvr +20 2664
2-yr -.026 0.119%
5-yr -.080 0.696%
10yr -.030 1.426%
30yr +.015 2.197%
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