Market Closes - March 1, 2021

Posted on Mar 1, 2021

Corn 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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