Market Closes - March 8, 2021
Posted on Mar 8, 2021Corn May +1 547 (537-56); Jly +2 536; Dec unch 481 (476-86)
Bean May +4 1434 (1431-60); Jly +4 1418; Nov +7 1254 (1248-65)
Meal May -2 416 (416-24)
Oil +66 5246
Wheat May -6 646; Jly -3 640 (633-52)
KC -4 622; MGE -3 642
Oats +9 393
Rice +2 1325
LC Apr +32 11935; Jun +115 11915; Aug +77 11785
FC Mar +75 13535; May -7 14507; Aug +55 15427
LH Apr +12 8730; Jun +55 9597; Aug +47 9580
Milk Mar unch 1630; Apr +11 1775
CBOT futures closed mixed and far below the day’s highs which were set when markets opened Sunday evening. The opening strength was follow-through from Friday’s sharp gains on ideas China was in the market. However, no daily export sales were forthcoming this morning from USDA. Futures were also supported by a strong crude oil market Sunday evening. Eventually, crude trended lower into negative territory, adding pressure to CBOT futures. Corn and wheat futures bottomed around 9:30 am CT and erased some of the losses. New corn contracts and old/new soybean futures hit new contract highs before retreating. Next up for traders is the USDA WASDE report at Noon EST tomorrow which will update export forecasts and ending stocks outlooks. Average trade guesses for 20/21 ending stocks are reported at 1.460 billion corn, 117 million soybeans and 836 million bushels of wheat. Once this report is digested, traders will be back to analyzing South American crop size and Chinese demand. The strengthening US Dollar Index is a negative for exports and prices.
Cattle futures closed higher with Live Cattle adding to Friday’s gains. Until cash fed prices improve, the April LC contract will be weighed down by its $5/cwt premium to cash. Choice beef slipped .25 to 231.08 and Select gained 2.28 to 223.13 on light movement. Not surprisingly, negotiated cash trade was not established today. Last week’s prices were mostly $114/cwt live and $180/cwt dressed. Beef production totaled 559 million pounds, down 2 million from the previous week. FI cow slaughter was down 18% week/week.
Lean hog futures closed only slightly higher despite a soaring pork market in the morning. Compared to a huge 7.98 gain in the morning, FOB Plant Pork ended the day at 94.93, down .21. The difference was mainly due to differences in the values of bellies, hams and picnics. Recent weekly pork export sales reports and ASF news in China keeps traders optimistic on LH futures.
US$ +.5% 92.41
Hit new highs for the move, reaching November 24 level.
Dow +306 31802
SP -20 3821
NAS -311 12609
Tran +93 13721
VIX +.79 25.45
WTI -142 6467
Brent -139 6797
Gas -2 204
NG -4 266
HO -4 190
Eth unch 173
Gold -19 1680
Slvr -10 2518
2-yr +.024 0.165%
5-yr +.078 0.863%
10yr +.054 1.608%
30yr +.044 2.332%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments