Market Closes - December 15, 2021
Posted on Dec 15, 2021Corn Mar -4 586 (582-96); Jly -5 586; Dec -2 544
Bean Jan +3 1262 (1251-66); Jly unch 1280; Nov -2 1241
Meal Jan -5 372 (372-84)
Oil +123 5347
Wheat Mar -31 756 (751-87); Jly -27 757
KC Mar -26 785; MGE -12 1009
Oats -4 711
Rice -11 1361
LC Dec -177 13500; Apr -107 14092; Jun -95 13660
FC Jan -115 16342; Mar -192 16447; May -185 16920
LH Feb -75 7932; Apr -90 8420; Jun -75 956
Milk Jan -22 1976; Feb -3 1990
Except for soybean oil and old-crop soybeans, CBOT futures closed lower with huge losses in KC and Chicago wheat. KC/CHI declines were mostly technical in nature as chart support failed early in the day (described in Thursday and Monday’s comments). Corn and soybeans rallied in the first half-hour of the day session but succumbed to the growing losses in the wheat market. The strong soyoil market saved the soybean price today. NOPA reported a tightening of U.S. soyoil stocks. The U.S. is running out of time to sell soybeans to China as Brazil may have early supplies in January. USDA will release its weekly export sales report in the morning.
Cattle futures closed markedly lower led by the live cattle market. LC opened near steady but quickly headed south, pressured by a weakening cash fed market – as low as $136/cwt or $4/cwt lower than last week. Once December LC broke below Monday’s lows, prices accelerated lower into the close. Feeder cattle futures actually rallied back to around unchanged but then followed LC lower into the closing bell. Choice beef slid .46 to 260.26 and Select fell 1.35 to 247.45. Beef movement was strong at 174 loads.
Lean hog futures closed moderately lower, weighed by the February LH’s premium to the cash market and export concerns. China plans to raise its import tariff on pork January 1st from 8% to 12%. A strong pork cutout limited futures losses.
FOB Plant Pork closed up 2.35 at 87.83 compared to 90.35 in the morning report. Pork movement was a low 260 loads.
US$ -.2% 96.34
Dow +383 35927
SP +76 4710
NAS +328 15566
Tran +96 16104
VIX -2.60 19.29
WTI +14 7066
Brent +18 7388
Gas +2 213
NG +5 380
HO unch 222
Gold -8 1764
Slvr -38 2154
2-yr +.008 0.667%
5-yr +.016 1.250%
10yr +.024 1.463%
30yr +.043 1.862%
Farmers encouraged to apply for new agricultural exemption number
Deadline for current farmers is January 1, 2022
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KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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