Market Closes - March 18, 2021

Posted on Mar 18, 2021

Corn May -11 546 (545-58); Jly -12 530; Dec -7 468 (467-76)

Bean May -25 1392 (1390-1419); Jly -25 1380; Nov -29 1206 (1205-35)

  Meal May -7 398 (398-406)

  Oil -108 5352

Wheat May -9 630; Jly -8 622 (620-31); Dec -8 629

  KC May -14 587; MGE -8 625

Oats -5 366

Rice -18 1303

 

LC Apr -85 11857; Jun -237 11965; Aug -265 11902

FC Mar -140 13552; May -355 14662; Aug -230 15567

LH Apr +62 9430; Jun -230 10002; Aug -227 9842

Milk Apr -4 1737; May -3 1790

CBOT futures closed sharply lower and near the day’s lows as outside markets’ bearishness weighed across the board. Corn fell hard despite another daily corn export sale to China and a positive weekly corn export sales/shipment report this morning. The drop in outside markets may have forced the spec funds to reduce positions across commodities to minimize risk or make margin. Soybean futures have been supported recently by the soybean oil market and it took a hit from the huge losses in crude oil. May and July Soybean futures closed below the uptrend support drawn across the Jan/Feb lows. The same is true for December 21 Corn. Wheat futures made new lows in the current downtrend. Moisture conditions improved greatly in Kansas.

Live and feeder cattle futures traded very wide ranges today and closed sharply lower in tandem with the CBOT and other markets. Deferred LC futures made new contract highs before crashing, creating bearish chart signals. April LC held up better due to nearby cash fundamentals. CBOT futures and the CME livestock contracts all headed south in the 11 o’clock hour (CT) and stayed weak into the closing bell. Choice beef rose .14 to 228.61 and Select gained .52 to 218.11. Negotiated cash trade remained slow on light demand according to USDA. A few cattle traded at $182/cwt dressed, up $2.00 from last week.

Lean hog futures saw April close up but the rest of the LH contracts ended much lower. Outside market pressure was too much for the deferred contracts. April was supported by a positive weekly pork export sales report and sharply higher pork cutouts. FOB Plant Pork ended up a sharp 6.00 to 106.80, weaker than the morning quote of 108.94. Loin value rose 4%, picnics up 10%, hams up 10% to 91.31, and belly value up over 4% to 184.08 (expensive bacon).

Energy futures collapsed today and U.S. equity prices closed sharply lower after the Dow and the SP500 hit new lifetime highs. Rising Treasury yields in the face of a very dovish Federal Reserve statement yesterday was too much for stock investors. Crude price has dropped 5 straight days. Rising oil inventories, a stronger US Dollar and slow EU vaccine administration weighed on energy futures.

US$ +.5% 91.81 (erased Wednesday’s drop)

Dow -153 32862

SP -59 3915

NAS -409 13116

Tran -10 14148

  VIX +2.35  21.58

 

WTI -494 5969 – lowest close since February 19

Brent -516 6284

Gas -12 192 – lowest close since February 19

NG -4 248

HO -13 178

Eth unch 177

Gold +7 1734

Slvr +8 2613

 

2-yr +.026 0.155%

5-yr +.077 0.859%

10yr +.069 1.710%

30yr +.018 2.456%

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