Market Closes - December 13, 2021
Posted on Dec 13, 2021Corn Mar -5 585 (582-90); Jly -4 587; Dec22 -8 542
Bean Jan -24 1244 (1243-71); Jly -22 1266; Nov -18 1230
Meal Jan -5 362 (361-67)
OIL -34 5335
Wheat Mar +3 789 (776-94); Jly +3 786
KC Mar +7 812; MGE -3 1018
Oats -7 706
Rice -5 1377
LC Dec +10 13695; Apr +50 14237; Jun +40 13790
FC Jan +65 16552; Mar +117 16647; May +117 17127
LH Dec -77 7227; Feb -27 8075; Apr -12 8585
Milk Dec unch 1860; Jan +8 1990
Grain and soy complex futures closed mixed with beans leading the way to the downside. The soy complex was pressured by rainfall in some dry areas of South America, no daily soybean export sale, and by disappointing weekly U.S. export inspections released this morning by USDA. January soybean oil saw follow-through selling from Friday’s close below the September low support. Corn closed lower in sympathy with the beans. KC and Chicago wheat futures saw more buying after Friday’s strong closes ended a 3-week price decline. Further strength is needed to keep a head-and-shoulders top from possibly materializing. The March Chicago Wheat contract is testing the uptrend off the July and September lows; support could be near $7.80 tomorrow.
Cattle futures closed higher with feeder futures leading the way. Live cattle traded lower in the first hour of trading on good volume before turning higher and closing in the upper range. Early weakness may have been tied to last week’s slightly lower cash fed market. Choice beef dropped 1.32 to 263.22 and Select rose 1.40 to 253.64; this narrowed the Choice-Select spread to 9.58. Beef movement was a low 127 loads.
Lean hog futures closed lower despite a huge surge in the pork cutout in the morning. This may be related the December LH contract’s expiration tomorrow with it priced at a premium to the CME Lean Hog Index. FOB Plant Pork closed down .84 at 87.03 which is far below the morning quote of 96.27 when belly value was up 24 at 160, ham up 12 at 83 and loin value up 7 at 82. Pork movement was a moderate 345 loads.
US$ +.3% 96.35
Dow -320 35651
SP -43 4669
NAS -217 15413
Tran -194 16211
VIX +1.62 20.31
WTI -53 7095
Brent -890 7425
Gas -2 212
NG -10 382
HO -2 223
Gold +3 1787
Slvr +14 2234
2-yr -.030 0.632%
5-yr -.050 1.203%
10yr -.075 1.414%
30yr -.085 1.799%
Farmers encouraged to apply for new sales tax agricultural exemption number
Deadline for current farmers is January 1, 2022
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