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AgUpdate - Pm
CME Group Futures settlements (preliminary) 1/25
  Settle Change High Low
Mar corn 5.11 1/2 +11 5.15 1/2 4.92 1/2
May corn 5.14 1/4 +11 1/4 5.17 3/4 4.94 1/2

Dec corn

4.34 3/4 +4 1/2 4.38 4.23 1/2
Mar beans 13.43 1/2 +31 3/4 13.52 1/4 12.98
May beans 13.42 3/4 +31 13.51 1/2 12.97
Sep beans 11.82 1/2 +21 1/2 11.89 11.47
Mar soy meal 429.6 +8.0 434.5 417.6
May soy meal 426.4 +8.5 430.6 413.4
Jul soy meal 422.5 +8.5 425.6 408.9
Mar wheat 6.48 1/2 +14 6.51 1/2 6.24 1/4
May wheat 6.49 +13 6.51 1/2 6.26
Jul wheat 6.33 3/4 +9 3/4 6.35 3/4 6.15 1/4
Ethanol Futures settlements (preliminary)
  Settle Change High Low
Feb 1.600 UNCH
Mar 1.575 UNCH
Apr 1.633 UNCH 1.600 1.600

Markets bounce back from Friday losses

Giddy up, appears to be the message in the grain market, according to CHS Hedging. The grains were lower overnight but got a goose today from solid export inspections across the corn, beans and wheat markets.

Funds greatly reduced their long positions in the grains and oilseeds, causing values to drop but there is still a question of whether this is just a correction or a long-term shift, according to Karl Setzer of Agrvisor.


The corn market opened lower on fund selling but prices turned higher in the middle of the day and there is talk China could be looking to buy corn, according to CHS Hedging.

Corn futures traded higher trying to make back some of last week’s losses, according to ADM Investor Services.

Ukraine clarified that it is going to limit corn exports to 24 million metric tons, according to Karl Setzer at Agrvisor.


Soybeans opened lower on left-over fund selling from last weeks but drew support from strength in the soy products market and hints that China may be on the hunt for some beans, according to CHS Hedging.

The fact that we are seeing soybean sales means more rationing is needed, not less, according to Karl Setzer of Agrivisor.


Wheat prices were lower at the open and gained strength later in the day from decent weekly export inspections and a rally in the corn and bean markets, according to CHS Hedging.

Very strong export inspections may set the stage for higher exports in coming weeks and Russia finally signed the confirmation that an export tax will begin March 15, according to Total Farm Marketing.

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Grain futures prices

Lean Hogs CME — Close 1/25
  Settle Change High Low
Feb 70.625 +.700 70.775 69.800
Apr 76.625 +.475 76.850 75.700
May 81.225 +.700 81.225 80.300
Live Cattle CME
  Settle Change High Low
Feb 116.525 -.200 117.050 115.950
Apr 122.950 +.425 123.400 121.700
Jun 118.825 +.025 119.325 117.800
Feeder Cattle CME
  Settle Change High Low
Jan 136.550 -.700 137.000 136.075
Mar 143.850 -.300 144.850 142.350
Apr 146.250 +.125 147.000 144.325

Vaccines keeping optimism in livestock futures

The upward trajectory in the livestock market continued today and there is some hope that progress is being made against COVID-19 and the food service industry may be recovering, according to Virginia McGathey of the CME Group.

February cattle rallied to the highest level since March of last year before ending lower on the day while February hogs closed sharply higher on the session, according to The Hightower Report.

Lean hogs

In weighted average negotiated prices for barrows and gilts, USDA reported;

  • National Carcass base down 16 cents to $55.30.
  • National live was unchanged at $43.02.
  • Iowa-Minnesota carcass base at $54.33.

USDA reported carcass cutout values this afternoon down 70 cents at $82.13.

Hogs were higher today and pushed past pre-pandemic levels, according to Virginia McGathey of the CME Group. That continues the recent upward trajectory of the market.

The pork cutout reflected optimism last week and appears to be benefitting from the economic recovery and continued high levels of shipments to China, according to William Moore at AgMaster.


Boxed beef cutout values this afternoon were higher on Choice and Select, USDA said.

  • Choice rose $3.91 to $226.73.
  • Select went up $2.87 to to $216.21

There were no reported negotiated cash sales in Nebraska or Iowa/Minnesota, the USDA said.

The January cattle on feed report was mostly as expected, according to Karl Setzer of Agrivisor. As of Jan. 1, the U.S. had 11.97 million head of cattle on feed, slightly less than the trade was expecting..

The market traded on both sides of unchanged but overall the beef and pork complexes have responded well to the rally in the grain markets, according to Virginia McGathey of the CME Group.


These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.

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