Market Closes - March 3, 2021

Posted on Mar 3, 2021

Corn May -10 535 (533-44); Jly -9 524; Dec -2 473 (471-76)

Bean May -5 1407 (1395-1418); Jly -7 1391; Nov -6 1224 (1215-30)

  Meal May -3 419 (416-24)

  Oil +12 4978

Wheat May -10 656; Jly -8 646 (641-55)

  KC May -9 626; MGE -2 643

Oats -2 366

Rice +11 1346

 

LC Apr -2 11940; Jun -7 11767; Aug +10 11690

FC Mar +47 13700; May +100 14457; Aug +122 15302

LH Apr +257 8792; Jun +137 9485; Aug +125 9492

Milk Mar +6 1640; Apr +5 1785

CBOT futures closed mostly lower with corn and wheat leading the way down. Concerns about near-term export demand continues to weigh on the market. This is somewhat related to worries that China has more African Swine Fever in its hog herd than we know. Tomorrow’s weekly export sales report will be key to traders’ attitudes. Soy complex futures bounced off the day’s lows much better than corn did due to some weather issues in South America and the delayed bean harvest and corn planting. Wheat futures have ongoing problems with U.S. export prices being uncompetitive with our competitors. In November Soybeans, the $12.00 level is an important support level. In December Corn, yesterday’s low of 4.64 is important support. With today’s downdraft in old-crop corn futures, Monday’s “bearish outside down” day on the chart looks more significant.

Live cattle ended near steady in nearby contracts to higher in deferred LC contracts. Feeder futures closed higher, benefitting from sharply lower corn futures. Despite weakness in beef values today, the packers are supposedly making huge margins and aren’t paying up for cash cattle. Choice beef fell 1.65 to 233.03 and Select dropped 1.93 to 224.24 on good movement. Light cash trade was reported around $114/cwt live, or steady with last week, and $180/cwt dressed, or $2.00 weaker.

Lean hog futures reversed Tuesday’s losses to close strongly higher even on weakness in the pork cutout. LH was supported in part by the worry that China has more African Swine Fever (ASF) than is factored into prices. FOB Plant Pork dropped 3.46 to 91.41, much lower than the morning quote of 94.22.

US$ +.2% 90.98

Dow -121 31270

SP -51 3820

NAS -361 12998

Tran -24 13548

  VIX +2.57 26.67

 

WTI +153 6128

Brent +137 6407

Gas +2 6128

NG -2 282

HO +3 184

Eth unch 178

Gold -18 1716

Slvr -49 2618

 

2-yr +.018 0.141%

5-yr +.045 0.722%

10yr +.054 1.469%

30yr +.043 2.258%

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