Market Closes - March 17, 2021

Posted on Mar 17, 2021

Corn May +4 558 (552-58); Jly +1 542; Dec -2 475 (473-77)

Bean May -5 1418 (1408-25); Jly -8 1406; Nov -9 1235 (1232-47)

  Meal May -1 405 (399-407)

  Oil -49 5460

Wheat May -7 640; Jly -6 630 (630-39); Dec -5 637

  KC -7 601; MGE -4 633

Oats -2 371

Rice +20 1321

 

LC Apr +122 11942; Jun +57 12202; Aug +67 12167

FC Mar +35 13692; May +45 15017; Aug +7 15797

LH Apr +77 9367; Jun +135 10232; Aug +90 10070

Milk Apr -3 1739; May -10 1795

CBOT futures closed mostly lower with old-crop corn bucking the trend. Two straight daily announcements of huge corn sales to China have lifted old-crop corn futures this week. However, soybean export sales announcements still aren’t showing up. Given the supply availability from Brazil, traders are reluctant to buy beans while being very long futures already. Wheat futures closed near the day’s lows as fundamentals are not supportive – moisture improved in the southern Plains and U.S. prices are not competitive. The US Dollar weakened 0.5% today, but it didn’t help much.

Cattle futures closed higher with both LC and FC ending near the day’s highs. Deferred LC made new contract highs.  Choice beef ended up 1.54 at 228.47 and Select dropped 1.18 to 217.59. The CH/SEL spread widened to 10.88. Negotiated cash fed trade was reported slow at mostly steady prices ($114 & $180). The monthly Cattle on Feed report will be released Friday afternoon. The March 1st on-feed inventory is expected to be 1.5% higher than a year earlier.

Lean hog futures closed higher and at new contract highs on continued strong pork demand. After being up 1.91 in the morning report, FOB Plant Pork slipped 0.10 to 100.80 in the closing report. Ham value went from 91.29 down to 82.58 in the afternoon.

 

US$ -.5% 91.40

Dow +189 33015

SP +11 3974

NAS +54 13525

Tran +137 14158

  VIX -.59 19.20

 

WTI -23 6463

Brent -39 6800

Gas -5 205

NG -3 253

HO -3 191

Eth unch 177

Gold -4 1727 (trading 1744 after hours)

Slvr +5 2606

 

2-yr -.012 0.139%

5-yr -.022 0.802%

10yr +.023 1.646%

30yr +.031 2.422%

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