Market Closes - March 29, 2021

Posted on Mar 29, 2021

Corn May -6 547 (542-52); Jly -4 531; Dec -5 461 (460-68)

Bean May -7 1393 (1383-1403); Jly -6 1385; Nov -3 1204 (1202-12)

  Meal May -6 398 (397-405)

  Oil +48 5296

Wheat May +3 617; Jly +3 612 (602-13); Dec +2 619

  KC May +1 569; MGE -3 611

Oats -1 373

Rice +18 1326

 

LC Apr +87 12097; Jun +87 12265; Aug +60 12147

FC Apr +195 14707; May +232 15220; Aug +155 16000

LH Apr -42 10037; Jun -37 10522; Aug -57 10117

Milk Apr +6 1714; May -6 1746

CBOT futures closed mixed with traders cautious ahead of Wednesday’s USDA WASDE and Grain Stocks reports. Corn and soybeans were weighed down by the spec funds lightening their long positions given a lack of bullish news and the risk potential of USDA’s reports. Brazil’s accelerating soybean harvest and movement of beans onto ships doesn’t bode well for the U.S. Wheat futures closed slightly higher on less than favorable conditions in the Plains. December Corn closed low-range and hasn’t been this low since February 19. Old-crop beans ended mid-range but today’s lows ended just above the March lows set on March 2. Soybean meal remains the weak link in the soy complex. May SM is less than $3/ton above critical chart support.

Cattle futures closed strongly higher, making new highs for March. June and August LC made new contract highs, while all FC futures made new contract highs. Rising boxed beef values and optimism for the cash fed market lifted futures. Choice beef rose 1.87 to 239.53 and Select jumped 4.73 to 232.50, narrowing the CH-SEL spread to 7.03. Negotiated trade was not established. Last week’s trade was mostly $115/cwt in the south and $116 in the north. Dressed trade was $185/cwt in Nebraska. Last week, beef production totaled 535 million pounds, up 2.5% week/week. The average carcass weight dropped 4 pounds, or 0.5% from the previous week. The 5-market average price was $115.54/cwt.

Lean hog futures closed lower across the board after hitting new highs on Friday as a result of the bullish Hogs & Pigs report. Despite the tight supply/demand situation, traders booked some profits here near the end of the month. FOB Plant Pork ended up .31 at 107.84, compared to up 3.95 in the morning report. A 13.41 gain in the ham value evaporated by the afternoon. Not the loin value ended down 2.02 at 93.11. Last week’s pork production was up 1.2% week/week, but down 7.2% from a year ago.

 

KY Crop & Weather Report – USDA NASS - KY Field Office
    The hay supply is 2% very short, 11% short, 79% adequate, and 8% surplus. The current condition of livestock is rated as 1% very poor, 4% poor, 19% fair, 67% good, and 9% excellent.
    Despite a cold spell of late, winter wheat is not expected to sustain significant damage. The current condition of winter wheat is 1% poor, 9% fair, 73% good, and 17% excellent.

 

US$ +.2% 92.93

Dow +98 33171

SP -3 3971

NAS -79 13060

Tran -78 14527

  VIX +1.96  20.82

 

WTI +64 6161

Brent +50 6507

Gas +3 200

NG +5 261

HO unch 181

Eth -2 185

Gold -22 1710

Slvr -41 2470

 

2-yr +.002 0.143%

5-yr +.032 0.888%

10yr +.048 1.708%

30yr +.040 2.407%

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