Market Closes - March 30, 2021

Posted on Mar 30, 2021

Corn May -7 539 (534-47); Jly -9 522; Dec -9 452 (449-62)

Bean May -26 1367 (1364-95); JLy -27 1358; Nov -18 1186 (1185-1207)

  Meal May unch 398 (397-401); Dec +2 372

  Oil May -250 limit 5046; Dec -183 4363

Wheat May -15 602; Jly -12 600 (598-611); Dec -11 608

  KC May -11 558; MGE -9 602

Oats -5 368

Rice -4 1322

 

LC Apr unch 12097; Jun -42 12222; Aug -22 12125

FC Apr -25 14682; Aug +30 16030; Oct +42 16070

LH Apr +55 10092; Jun +80 10602; Aug +52 10170

Milk Apr unch 1717; May +3 1753

 

Except for soybean meal, CBOT futures closed sharply lower ahead of tomorrow’s grain stocks report and planting intentions. The spec funds liquidated part of their big long position in corn and soybeans, apparently becoming less sure of their bullish positions. Adding to the selling pressure were a stronger US Dollar, lower energy and precious metal prices and rising interest rates. Weather is generally favorable in South America and the Corn Belt in the short term. Yesterday’s wheat rally was a head fake, as wheat futures dropped to new lows not seen since December. A stronger US$ usually weighs on wheat prices. Monday’s crop report showed Kansas wheat improved 5 points to 50% good/excellent.

The average trade guess for tomorrow is reported as:
2021 Prospective Plantings (click here) Noon EDT
  Corn – 93.2 million acres
  Soybean – 90.0 million

3-1-21 Grain Stocks  (click here)
  Corn – 7.767 billion bushels
  Soybean – 1.534 billion bushels
  Wheat – 1.272 billion bushels

 

Cattle futures closed narrowly mixed and with tighter trading ranges. LC were supported by sharply higher boxed beef values, but the April LC’s big premium to the cash market limited any advance. Feedlots are wanting $118-120 this week. Feeder futures did not respond to the sharp drop in CBOT futures today. Choice beef jumped 5.30 to 244.83 and Select rose 3.42 to 235.92 on heavy movement of 149 loads. Live cash trade has been very limited with $116/cwt trading in Texas.

Lean hog futures closed higher on strong fundamentals. Higher cash hog prices and an early rise in the pork cutout lifted LH futures. Nearby LH contracts made new contract highs. FOB Plant Pork ended down .95 at 106.89, compared to 108.47 in the morning report. Loin value was up 2.88 and ham value dropped 4.68.
 

CBOT and Livestock futures are closed on Good Friday.

 

US$ +.4% 93.29

Dow -104 33067

SP -13 3959

NAS -14 13045

Tran +199 14727

  VIX -1.13 19.61

 

WTI -111 6045

Brent -93 6405

Gas steady 199

NG -3 262

HO -2 179

Eth -2 182

Gold -29 1683

Slvr -71 2406

 

2-yr +.002 0.147%

5-yr +.008 0.899%

10yr -.011 1.710%

30yr -.055 2.369%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here