Market Closes - March 4, 2021
Posted on Mar 4, 2021Corn 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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