Market Closes - March 9, 2021
Posted on Mar 9, 2021Corn 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%
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