Market Closes - December 7, 2021
Posted on Dec 7, 2021Corn Mar +3 586 (578-89); Jly +3 588; Dec22 +2 555
Bean Jan -11 1250 (1243-68); Jly -8 1272; Nov -1 1232
Meal Jan -3 350 (347-54)
Oil -76 5710
Wheat Mar +2 808 (797-813); Jly +3 801
KC Mar +5 827; MGE +9 1036
Oats +2 732
Rice -11 1418
LC Dec +5 13822; Feb -42 13922; Apr -42 14245
FC Jan -22 16502; Mar -47 16747; May -35 17182
LH Dec +2 7207; Feb -167 7655; Apr -160 8205
Milk Dec +1 1867; Jan +31 1949
CBOT futures closed mixed with soybean oil leading the losses and MGE wheat the top gainer. Trading was on both sides of unchanged ahead of Thursday’s USDA WASDE report. Soy complex was pressured by talk that the Biden administration will issue disappointing biofuel blending rates. Wheat continues to find support from the tightening global S&D situation. A Russia-Ukraine conflict could impact available supplies. U.S. HRW areas need rain. In corn, exports are lagging but demand by ethanol producers is supportive.
Cattle futures closed lower with live cattle trading narrow ranges with minimal losses. LC were pressured by weaker boxed beef values and ideas that the cash fed market could be steady with last week – at best. Choice beef dropped 4.50 to 268.03 and Select fell 2.17 to 255.68. Beef movement was a moderate 159 loads.
Beyond the nearby December LH contract, lean hog futures closed sharply lower. LH was pressured by follow-through selling to yesterday’s sharp drop. USDA delayed the Daily FOB Plant pork cutout report due to packer submission issues.
US$ steady 96.30
Dow +492 35719
SP +95 4687
NAS +462 15687
Tran +28 16355
VIX -5.29 21.89
WTI +230 7160
Brent +211 7519
Gas +7 211
NG +8 373
HO +6 223
Eth unch 214
Gold +5 1785
Slvr +26 2252
2-yr +.058 0.693%
5-yr +.047 1.260%
10yr +.048 1.482%
30yr +.051 1.809%
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