Market Closes - March 24, 2021
Posted on Mar 24, 2021Corn May +2 553 (548-54); Jly +3 537; Dec -1 469 (466-70)
Bean May +9 1433 (1418-33); Jly +10 1421; Nov +5 1228 (1220-34)
Meal May +2 401 (398-403)
Oil +46 5748
Wheat May -10 625; Jly -7 619 (617-30); Dec -5 624
KC -6 576; MGE -3 628
Oats +3 381
Rice +18 1339
LC Apr unch 11912; Jun +25 12030; Aug +65 11975
FC Mar +32 13577; May +185 14732; Aug +130 15687
LH Apr +130 9777; Jun +80 10205; Aug +2 9962
Milk Apr -9 1662; May -28 1720
CBOT futures closed mixed with corn and bean mostly higher and settling at/near the top end of the day’s range. Soybean and soybean oil led to the up side. Soybean oil is near contract highs, supported by strong demand for biodiesel and edible oils. However, wheat futures dropped as Tuesday’s rally wasn’t warranted by the fundamentals. Given the trade’s expectations for larger corn and soybean acreage, futures may see limited upside until the March 31st reports are behind us.
Cattle futures closed higher with the feeders seeing better gains. Live cattle were supported by a higher fed cattle market. Choice beef rose .85 to 234.84 and Select fell 1.16 to 224.07. Light cash trade has occurred at $1/cwt higher prices of $115 in the South and $115-116 in Nebraska; dressed prices have been as high as $184/cwt.
Lean hog futures ended mixed with the first 5 contracts higher led by the April LH up $1.30/cwt. Strong cash hog price and pork cutouts continue to support LH futures. The April LH gapped higher to set a new contract high. Now the LH market has to face the weekly pork export report in the morning and then the Quarterly Hogs and Pigs Report after the close. Average trade expectations as a percent of a year earlier are: total inventory, 100.1%; breeding herd, 98.7%; market hogs, 100.2%. FOB Plant Pork closed up 4.69 at 110.47, slightly better than the morning quote. The gain resulted from at 15.07 pop in the ham value to 98.20 and a 10.79 jump in the picnic to 78.68. Pork movement was at the low end of the recent range.
US$ +.2% 92.58
Dow -3 32420
SP -21 3889
NAS -266 12961
Tran +145 14051
VIX +.90 21.20
WTI +342 6118
Brent +362 6441
Gas +9 199
NG +1 252
HO +8 183
Eth +2 179
Gold +8 1733
Slvr unch 2523
2-yr -.004 0.150%
5-yr -.015 0.814%
10yr -.024 1.614%
30yr -.033 2.315%
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