Market Closes - March 9, 2021 - Kentucky Farm Bureau

Market Closes - March 9, 2021

Posted on Mar 9, 2021

Corn May -1 546 (536-47); Jly -1 535; Dec +3 485 (475-85)

Bean May +6 1440 (1423-42); Jly +8 1426; Nov +8 1262 (1244-62)

  Meal May unch 417 (412-18)

  Oil +109 5355

Wheat May +10 656; Jly +7 648 (637-49)

  KC +5 626; MGE +6 647

Oats -1 392

Rice -6 1319

 

LC Apr +30 11965; Jun +50 11965; Aug +37 11822

FC Mar +180 13715; May +190 14697; Aug +60 15487

LH Apr +105 8835; Jun +85 9682; Aug +50 9630

Milk Mar +5 1640; Apr +7 1782

CBOT futures closed steady to mostly higher and most contracts ended near the day’s highs. Although initial reaction to the midday USDA WASDE report was negative, futures clawed their way back higher. The U.S. 2021/21 ending stocks forecasts were left unchanged from the February WASDE report. World ending stocks were moved only slightly. So traders will return to watching Chinese export demand, ASF in China and South American weather. Soybean oil futures keep carrying the soybean market with soybean oil trading new contract highs even as the crude oil market fell 2%.

March 15 is the crop insurance purchasing deadline. Traders will spend the rest of March figuring out the corn/bean acreage intentions to be reported March 31 by USDA.

Cattle futures closed mostly higher today with the best gains in nearby feeder cattle. Live cattle were supported by boxed beef in the morning and a strong stock market. Choice beef fell 2.05 to 229.03 and Select gained .67 to 223.80, leaving the CH/Sel spread at a narrow $5.23/cwt. Beef movement was heavy today. USDA reported light cash fed trade at steady prices. Feedlots are mostly asking $116.

Lean hog futures closed higher, supported by strong cash hog prices and pork cutouts. June and beyond LH contracts hit new contract highs today. Compared to 99.11 in the morning report, FOB Plant Pork ended the day at 96.84, up 1.91 on very heavy pork movement.

USMEF news release on January red meat exports is available by CLICKING HERE.

 

US$ -.4% 91.98 

Dow +30 31833

SP +54 3875

NAS +465 13074

Tran +66 13787

  VIX -1.45 24.02

 

WTI -123 6382

Brent -107 6717

Gas -1 204

NG unch 266

HO unch 191

Eth +3 176

Gold +39 1717

Slvr +91 2618

 

2-yr  unch 0.163%

5-yr -.035 0.815%

10yr -.057 1.537%

30yr -.058 2.246%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here