Market Closes - March 10, 2021 - Kentucky Farm Bureau

Market Closes - March 10, 2021

Posted on Mar 10, 2021

Corn May -12 534 (531-46); Jly -10 524; Dec -4 480 (476-84)

Bean May -30 1410 (1408-46); Jly -30 1396; Nov -23 1239 (1231-64)

  Meal May -10 407 (406-18)

  Oil -4 5351

Wheat May -4 652; Jly -5 643 (634-47)

  KC -10 616; MGE -6 641

Oats -7 384

Rice -17 1302

 

LC Apr -87 11877; Jun -67 11897; Aug -30 11792

FC Mar -95 13620; May -15 14682; Aug -12 15475

LH Apr +42 8877; Jun +57 9740; Aug +67 9697

Milk Mar -13 1627; Apr -4 1785

In a delayed reaction to Tuesday’s WASDE report, CBOT futures closed sharply lower in old-crop corn, soybean meal and soybean futures. The corn and bean markets opened steady Tuesday evening, traded lower overnight into early in the day, rallied part of the way back and then sold off into the close. Wheat futures mostly followed corn/beans but didn’t make the late sell-off, thus cutting its losses. Futures were pressured by fund liquidation as market news is mostly negative – no daily export sales, improving weather in Argentina, rising concerns of ASF in China’s hog herd (weaker domestic soy price), and recent US Dollar strength. Technically, the May Soybean contract hit a new contract high this week; so if May closes below last week’s low of $13.835 this Friday, it will chart a bearish “key reversal”. May Soybean Meal moved aggressively below the Jan-March range, suggesting further weakness may occur. Can the weekly export sales report tomorrow morning turn the market around?

Cattle futures closed lower on weakness in boxed beef values and a disappointing cash fed market. Choice beef dropped 1.74 to 227.29 and Select fell 3.98 to 219.82. Light cash trade was at steady prices at best.

Lean hog futures closed higher on stronger cash hog prices and pork cutouts. FOB Plant Pork ended up .83 at 96.67, lower than the morning quote of 99.27. June through October LH hit new contract highs. Thursday morning’s weekly pork export sales report should indicate continued strong export demand.

US$ -.2%  91.77

Dow +464 23297

SP +23 3899

NAS -5 13069

Tran +83 13870

  VIX -1.42 22.61

 

WTI +70 6471

Brent +67 6819

Gas +3 208

NG +3 269

HO +1 192

Eth +1 178

Gold +8 1725

Slvr +13 2631

 

2-yr -.010 0.157%

5-yr -.030 0.791%

10yr -.023 1.521%

30yr -.018 2.241%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here