Market Closes - March 3, 2021
Posted on Mar 3, 2021Corn May -10 535 (533-44); Jly -9 524; Dec -2 473 (471-76)
Bean May -5 1407 (1395-1418); Jly -7 1391; Nov -6 1224 (1215-30)
Meal May -3 419 (416-24)
Oil +12 4978
Wheat May -10 656; Jly -8 646 (641-55)
KC May -9 626; MGE -2 643
Oats -2 366
Rice +11 1346
LC Apr -2 11940; Jun -7 11767; Aug +10 11690
FC Mar +47 13700; May +100 14457; Aug +122 15302
LH Apr +257 8792; Jun +137 9485; Aug +125 9492
Milk Mar +6 1640; Apr +5 1785
CBOT futures closed mostly lower with corn and wheat leading the way down. Concerns about near-term export demand continues to weigh on the market. This is somewhat related to worries that China has more African Swine Fever in its hog herd than we know. Tomorrow’s weekly export sales report will be key to traders’ attitudes. Soy complex futures bounced off the day’s lows much better than corn did due to some weather issues in South America and the delayed bean harvest and corn planting. Wheat futures have ongoing problems with U.S. export prices being uncompetitive with our competitors. In November Soybeans, the $12.00 level is an important support level. In December Corn, yesterday’s low of 4.64 is important support. With today’s downdraft in old-crop corn futures, Monday’s “bearish outside down” day on the chart looks more significant.
Live cattle ended near steady in nearby contracts to higher in deferred LC contracts. Feeder futures closed higher, benefitting from sharply lower corn futures. Despite weakness in beef values today, the packers are supposedly making huge margins and aren’t paying up for cash cattle. Choice beef fell 1.65 to 233.03 and Select dropped 1.93 to 224.24 on good movement. Light cash trade was reported around $114/cwt live, or steady with last week, and $180/cwt dressed, or $2.00 weaker.
Lean hog futures reversed Tuesday’s losses to close strongly higher even on weakness in the pork cutout. LH was supported in part by the worry that China has more African Swine Fever (ASF) than is factored into prices. FOB Plant Pork dropped 3.46 to 91.41, much lower than the morning quote of 94.22.
US$ +.2% 90.98
Dow -121 31270
SP -51 3820
NAS -361 12998
Tran -24 13548
VIX +2.57 26.67
WTI +153 6128
Brent +137 6407
Gas +2 6128
NG -2 282
HO +3 184
Eth unch 178
Gold -18 1716
Slvr -49 2618
2-yr +.018 0.141%
5-yr +.045 0.722%
10yr +.054 1.469%
30yr +.043 2.258%
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