Market Closes - December 16, 2021
Posted on Dec 16, 2021Corn Mar+5 591 (584-92); Jly +5 592; Dec +3 547
Bean Jan +15 1277 (1259-81); Jly +10 1290; Nov +5 1246
Meal Jan unch 372 (371-76)
Oil +118 5465
Wheat Mar +14 770 (751-73); Jly +11 768
KC Mar +18 804; MGE +17 1027
Oats +1 712
Rice +13 1374
LC Dec +27 13527; Apr +2 14095; Jun -5 13655
FC Jan -85 16257; Mar -15 16432; May +15 16935
LH Feb +102 8035; Apr +67 8487; Jun +47 9610
Milk Jan -21 1959; Feb unch 1994
CBOT futures closed mostly higher with soybean oil and wheat futures leading the way up. The market headed higher after the opening of the day session due to strong weekly export sales for corn, wheat and soybeans. Corn and wheat export sales posted marketing-year highs. Soybean meal sales were at a marketing year low, so this may have weighed down meal futures. Fortunately, soybean oil popped higher and lifted soybeans to stronger closes; January beans closed at its highest level since September 29, barely surpassing the November 17th close. Corn and soybeans were also supported by the weaker US$ and a warmer, drier forecast in South America.
Live cattle settled slightly higher and feeder futures closed narrowly mixed. A stronger beef market let the market rebound some from yesterday’s losses. The cash fed market was inactive today. Fed steers have traded this week at $136-138/cwt and $218/cwt dressed. Choice beef ended up 2.71 at 262.97 and Select edged .69 higher at 248.14. Beef movement was a moderate 140 loads.
Lean hog futures closed higher with the nearby February LH contract leading the way. LH was supported by stronger pork values, a firm cash hog market and a strong pork export sales report of 31,100 MT, up 58% from last week and up 20% over the 4-week average. China was absent. FOB Plant Pork ended at 91.49, up 3.66 from yesterday. Ham value rose 10 to 90, picnic value rose 8 to 70, and belly value fell 6 to 125. Movement was a strong 328 loads.
US$ -.3% 95.98
Dow -30 35898
SP -41 4669
NAS -385 15180
Tran -103 16001
VIX +1.30 20.59
WTI +110 7176
Brent +77 7465
Gas +4 217
NG -1 379
HO +4 226
Gold +36 1801
Slvr +95 2250 up >4%
2-yr -.072 0.615%
5-yr -.093 1.165%
10yr -.050 1.412%
30yr +.003 1.856%
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