Market Closes - December 8, 2021
Posted on Dec 8, 2021Corn Mar +1 587 (583-89); Jly unch 589; Dec22 unch 555
Bean Jan +11 1261 (1238-64); Jly +10 1282; Nov +12 1244
Meal Jan +7 357 (347-58)
Oil -155 5555
Wheat Mar -14 794 (791-812); Jly -11 791
KC Mar -15 812; MGE -1 1035
Oats -5 727
Rice -9 1382
LC Dec -67 13755; Feb -55 13867; Apr -57 14187
FC Jan -162 16340; Mar -160 16587; May -157 17025
LH Dec -125 7082; Feb -50 7605; Apr -62 8142
Milk Dec -11 1860; Jan +16 1970
Again today, the CBOT closed mixed with soybeans reversing yesterday’s losses to lead the market to the upside. Soybeans were supported by yet another daily soybean export sale to China or an unknown destination (likely China). A strong soybean meal market offset the 3% drop in soybean oil futures. Corn futures finished the day steady after giving up early-day gains from a huge corn sale to Mexico. Weekly ethanol production statistics were supportive. Wheat futures closed lower on profit-taking ahead of tomorrow’s USDA WASDE report that is expected to show growing U.S. and world wheat carryout for 2021/22.
Cattle futures closed lower and near the day’s lows. Further declines in boxed beef values and a lack of cash fed trade weighed on the market. Choice beef fell 3.92 to 264.11 and Select lost 2.59 to 253.09. Beef movement was similar to Tuesday with 161 loads. Traders eagerly await tomorrow’s weekly beef export sales report.
Lean hog futures closed lower with the nearby December LH contract outpacing the 2022 contracts. LH was pressured by the weak cash hog market and technical selling related to the recent downtrend in futures. A huge jump in pork values limited the losses. FOB Plant Pork soared 9.35 to 90.44 with ham value up 29.58 to 85.42. The rib was the only primal to lose value. Pork movement totaled a huge 413 loads. Traders will look closely at the weekly pork export sales figure in tomorrow’s report.
US$ -.3% 95.95
Dow +35 35755
SP +14 4701
NAS +100 15787
Tran -51 16304
VIX -1.99 19.90
WTI +69 7253
Brent +66 7610
Gas +5 215
NG +10 381
HO +5 227
Gold -1 1784
Slvr -9 2243
2-yr -.008 .681%
5-yr +.017 1.273%
10yr +.045 1.525%
30yr +.100 1.895%
Farmers encouraged to apply for new agricultural exemption number
Deadline for current farmers is January 1, 2022
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