Market Closes - March 4, 2021

Posted on Mar 4, 2021

Corn May -3 532 (529-41); Jly -1 522; Dec +2 475 (470-79)

Bean May +3 1410 (1403-38); Jly +3 1395; Nov +6 1230 (1221-40)

  Meal May -2 417 (415-23)

   Oil +93 5071

Wheat May -5 651; Jly -5 641 (639-50)

  KC May -5 621; MGE unch 643

Oats +4 370

Rice -10 1335

 

LC Apr -85 11855; Jun -70 11697; Aug -67 11622

FC Mar -190 13510; May -192 14265; Aug -107 15195

LH Apr -62 8730; Jun -12 9472; Aug -7 9485

Milk Mar -25 1615; Apr -37 1757

CBOT futures closed mixed but low range and far from the day’s highs. CBOT saw early strength led by soaring soybean oil futures following sharply higher crude oil futures. However, by mid-morning, futures turned lower and closed poorly. Corn was pressured by disappointing weekly corn export sales, although weekly shipments set a marketing year high. Added pressure to futures came from a strengthening US Dollar Index – surpassing the early February high and touching a level last seen December 1, 2020. Traders will begin to position for Tuesday’s USDA WASDE report.  

Cattle futures closed lower with bigger losses in the feeder contracts. Despite a favorable weekly beef export sales report, live cattle ended lower and near the day’s lows. A stronger US Dollar, weaker stock market and a soft cash cattle market weighed on futures. Choice beef gained .85 to 233.88 and Select dropped 2.56 to 221.68. USDA reported a lack of cash trading today.

Lean hog futures ended mixed with nearby contracts mostly lower. Weekly pork export sales were reported up sharply from last week’s disappointing totals – up 87% from the 4-week average. Traders ignored higher pork values and cash hog prices. FOB Plant Pork ended up 2.11 at 93.52 after being up 6.02 in the morning report. An 18.50 gain in the belly value turned to a .64 loss by the afternoon.

 

US$ +.7% 91.59

Dow -346 30924

SP -51 3768

NAS -274 12723

Tran -329 13220

  VIX +1.76  28.40

 

WTI +255 6383

Brent +267 6674

Gas +5 200

NG -7 275

HO +6 190

Eth -5 173

Gold -15 1701

Slvr -93 2546

 

2-yr +.002 0.143%

5-yr +.051 0.778%

10yr +.077 1.547%

30yr +.060 2.311%

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