Market Closes - March 2, 2021
Posted on Mar 2, 2021Corn May +7 545 (531-48); Jly +6 533; Dec +7 476 (464-78)
Bean May +21 1412 (1381-1416); Jly +18 1399; Nov +10 1230 (1208-31)
Meal May +3 422 (414-23)
Oil +43 4966
Wheat May +16 666; Jly +12 655 (6338-57)
KC May +12 635; MGE +12 645
Oats +5 368
Rice +26 1335
LC Apr +45 11942; Jun +25 11775; Aug +32 11680
FC Mar -67 13652; May -32 14357; Aug +12 15180
LH Apr -237 8535; Jun -147 9347; Aug -65 9367
CBOT futures closed strongly higher and near the upper end of the range. Futures moved lower Monday evening in follow-through selling to Monday’s losses, but found a bid overnight; this buying accelerated once the day session opened at 8:30 am CT. The main factor turning the market around was that the funds were buyers today instead of sellers. Wheat made the biggest reversal as state wheat condition reports deteriorated some and foreign wheat futures rose. USDA reported a daily corn export sale to Japan; this was the first daily export sale to any country in 2.5 weeks.
Live cattle closed slightly higher and feeder futures ended mixed with March/April/May posting losses. LC were pressured by last week’s disappointing cash market. Feeders were knocked down by rising CBOT futures. Choice fell 4.35 to 234.68 and Select slid 1.47 to 226.17. For a second day, USDA reported no negotiated cash market. Feedlots are asking for at least $2.00 more than last week’s $114/cwt.
Lean hog futures closed mostly lower with nearby April LH dropping the most -- $2.375/cwt. Traders sold hog futures despite firmer cash hog prices and a soaring pork cutout in the morning. Selling came from the April LH’s sizable premium to the cash hog index. FOB Pork Plant closed up 2.50 at 94.87 compared to 99.45 in the morning. Much of the difference resulted from huge morning gains in belly and ham values being largely erased by the afternoon quote.
US$ -.2% 90.77
Dow -144 31392
SP -32 3870
NAS -230 13359
Tran -46 13572
VIX +.75 24.10
WTI -89 5975
Brent -99 6270
Gas -1 194
NG +6 284
HO -1 181
Eth +8 178
Gold +11 1734
Slvr +20 2688
2-yr unch 0.123%
5-yr -.048 0.663%
10yr -.048 1.398%
30yr -.022 2.199%
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